Takeda To Record Provision Of 63 Bln Yen On Irish Tax Issue

Takeda Pharmaceutical Company Limited (TKPHF.PK,TAK) said it will record a provision of about 63 billion yen in its financial statements for the first quarter to reflect a decision by the Irish Tax appeals commission relating to tax assessment on break fee Shire received from Abbvie.

In addition, Takeda said it will revise its "Summary of Financial Statements for the first-quarter ended June 30, 2021" and intends to re-file the revised information with the Tokyo Stock Exchange no later than August 6, 2021.

At this time, Takeda is not revising its forecast for the full fiscal year ending March 31, 2022.

Takeda said it has received a decision by the Irish Tax Appeals Commission on July 30, 2021 to uphold the Irish Revenue Commissioners' position related to the treatment of a break fee received by Shire plc in October 2014 from AbbVie Inc. Shire was acquired by Takeda in January 2019.

Takeda plans to challenge the outcome through all available legal means including appealing the decision to the Irish courts.

On November 28, 2018, Shire received a tax assessment from the Irish Revenue Commissioners for 398 million euros. The assessment sought to tax a $1.635 billion break fee Shire received from AbbVie in connection with the terminated offer to acquire Shire made by AbbVie in 2014. Takeda appealed the assessment, and in late 2020 a hearing took place before the Irish Tax Appeals Commission.

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