GlaxoSmithKline now accused of tax evasion in China
The Legal Daily, the official newspaper of the Chinese Ministry of Justice, on Friday accused UK pharma giant GlaxoSmithKline (LSE: GSK) of manipulating tax deductions to generate more than 100 million renminbi ($16 million) worth of tax benefits between 2005 and 2008.
According to the report, GSK allegedly boosted the deductions by donating higher-priced imported drugs to China's Ministry of Health instead of cheaper, locally produced drugs.
The newspaper also alleged that GSK manipulated government pricing by falsifying costs, sales and distribution rates, prompting Chinese regulators to set higher prices for its drugs.
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