US pharmaceuticals giant AbbVie has won an appeal against an unexpected €500 million-plus Irish stamp duty bill it was left with in relation to its takeover of Dublin-domiciled peer Allergan last year. The Irish Tax Appeals Commission published its determination in the case on its website in recent days in a heavily-redacted document that does not name the appellant. This type of deal – used routinely in takeover deals involving Irish public limited companies – previously avoided stamp duty. However, Allergan, as an Irish-domiciled company, was also caught by the stamp duty, even though its shares are traded in New York and its top executives operate from New Jersey. The Tax Appeals Commission document redacts that date and exchange rate at which the stamp duty liability was assessed.
Source: The Irish Times January 16, 2021 13:41 UTC