MULTINATIONAL specialty pharmaceutical and medical device company Valeant Pharmaceuticals international has determined to continue to defend itself against the Australian Tax Office over $150 million in supposed back taxes and penalties, following a freeze on its local assets being lifted.
The freeze had delayed its proposed $1.23b sale of iNova which completed 29 Sep.
The ATO alleged Valeant had deliberately structured the deal via an intermediary in Singapore to avoid paying tax in Australia.
Court documents released yesterday revealed the details, with Valeant saying it had not paid any tax relating to the matter and would appeal the assessment.
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