Glaxo pays $3.1bn to settle tax dispute

Pharmaceuticals giant GlaxoSmithKline today said it is to pay a net $3.1bn (€2.4bn) to settle a tax dispute with the US government.

The settlement covers a dispute with the US Internal Revenue Service for the period 1989 – 2000 which was due to go to trial in February next year, and also the period 2001-2005.