Boston Scientific inks $605M tax settlement with IRS
Courtesy | Boston Scientific
Boston Scientific's headquarters are located in Marlborough.
Marlborough medical device giant Boston Scientific has finalized a $605-million settlement with the U.S. Internal Revenue Service related to its 2006 acquisition of a Indianapolis company for $27 billion.
The payment will resolve disputes related to the transfer pricing for six of Guidant Corp.’s tax years before the acquisition, and two tax years related to the company’s sale of a Guidant stent business to Illinois-based Abbott Laboratories for $6.4 billion.
The agreement with the IRS was first made in July 2016, which was followed by an appeals period. The IRS completed its recalculation of the company’s tax liabilities per the agreement earlier this year, and the U.S. Congress Joint Committee on Taxation completed a review of Boston Scientific’s tax liabilities in March and April.
Final decisions were entered into the U.S. Tax Court on Wednesday.
The payment includes $303 million in tax liabilities and an estimated $305 million in net interest.
In a filing, Boston Scientific said it expects to pay the settlement within the next three months.
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