Israel Tax Authority to Demand Over NIS One Billion From Teva
Teva did not pay taxes in Israel for the decade preceding 2014, saving NIS 20.6 billion in tax benefits
The Israel Tax Authority intends to demand Teva Pharmaceutical Industries Ltd. pay over NIS 1 billion in retroactive tax for 2014-2015, according to three people familiar with the matter who spoke with Calcalist on condition of anonymity.
For daily updates, subscribe to our newsletter by clicking here.Teva did not pay taxes in Israel for the decade preceding 2014, saving NIS 20.6 billion in tax benefits according to data from the Israeli Ministry of Finance. After the tax category giving Teva these benefits was canceled following public criticism, the company remained eligible for a lowered corporate tax rate in Israel as part of a legislation aiming to encourage capital investments in the country.