Italian tax authorities investigate Pfizer profits – sources

Italian tax authorities investigate Pfizer profits – sources

MILAN, Oct 27 (Reuters) – Italy’s tax authorities are investigating profits reported by Pfizer Inc.’s (PFE.N) local unit Pfizer Italia srl, two sources with knowledge of the matter told Reuters on Thursday.

“Italian tax authorities regularly monitor and investigate taxes paid by Pfizer and Pfizer cooperates with these controls and investigations,” the U.S. pharmaceuticals company said.

“Pfizer complies with the laws and obligations to the Italian tax authorities”, it added in an emailed statement.

Italy’s finance police and revenue agency declined comment.

The checks being carried out by the finance police in Rome are an administrative audit not a criminal probe and Pfizer has not yet been informed of the findings, the two sources said.

At the end of the process the police must under Italian law report the outcome to the company involved and the state revenue agency, which then draws up a so-called deed of acceptance of the assessment and the payment of any amount deemed due.

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Source: Reuters