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Takeda Pharmaceutical Co Ltd Receives a Decision by the President of National Tax Tribunal Relating to the Correction Notice on Transfer Pricing

Monday, 25 Mar 2013 04:00am EDT 

Takeda Pharmaceutical Co Ltd announced the receipt of a decision by the President of National Tax Tribunal related to the correction notice on transfer pricing. On April 6, 2012, Takeda Pharmaceutical received notice of partial reduction of original assessment from the Osaka Regional Tax Bureau (ORTB) with respect to the correction notice on transactions of Prevacid, a drug for the treatment of peptic ulcers, between Takeda and TAP Pharmaceutical Products Inc. (TAP), that had been a 50/50 joint venture between Takeda and Abbott Laboratories. On May 7, 2012, Takeda submitted a request for reconsideration to the ORTB, petitioning for the cancellation of the portion of the original correction that still remained after the conclusion of the ORTB's reinvestigation. The decision by the President of National Tax Tribunal accepts Takeda's position. As a result of this decision, Takeda will receive a refund of all corporate tax, accumulated interest and local tax based on the reinvestigation, and the amount to be refunded is estimated at JPY 15.2 billion, tax and interest combined.