Boston Scientific Plans IRS Settlement
Boston Sci plans to pay $275m to settle transfer-pricing disputes with the US Internal Revenue Service. A financial analyst views the settlement as a win for the company because it’s well below what the IRS initially sought.
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The giant device-maker has settled a long-running dispute over transfer pricing with the US Internal Revenue Service. Boston Scientific expects to pay almost $610m in back taxes and interest.
The ruling means a larger portion of the company’s earnings can be taxed at the lower rate applied to foreign corporations.
The US FDA has announced a high-risk class I recall on two makes of coronary dilation catheters made by Abbott Vascular because a manufacturing issue could lead to difficulties deflating the balloon. The catheters have been linked to 13 complaints and one death.