GlaxoSmithKline to contest tax claims

One of the top five pharmaceutical firms in the world, GlaxoSmithKline PLC (GSK) said that it has received a claim from the US government of $2.7bn (€2.13bn) for taxes from the for the years 1989-1996.

If the US Internal Revenue Service is successful in its claim, GSK will have to pay interest of around $2.5 bn (€1.97bn), net of federal tax relief.