Drug firm Shire enjoyed effective tax rate of less than 2% in 2014

UK company paid $ 56.1m on profits of $ 3.34bn despite majority of sales coming from pills prescribed in US, one of the highest corporation tax jurisdictions

Shire, the FTSE 100 drug firm, enjoyed an effective tax rate of less than 2% last year despite the majority of its sales coming from pills prescribed in America, which is one of the jurisdictions with the highest corporation tax in the world.

The headline corporate income tax rate in the US is 35%, but Shire – like many global drugs and technology groups– has for years managed to maintain a much lower effective tax rate, thanks in large part to complex tax planning. Last November Shire’s activities in Luxembourg featured in a tax investigation by the Guardian. The pharmaceutical group, which is best known for its pill treating ADHD, sells few of its products in tiny European state, where it has just two employees.

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Pharmaceuticals industry | The Guardian

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