After the Tax Authority issued a tax assessment of NIS 2.7 billion in January, it is due to issue a new assessment for 2005.
After the Israel Tax Authority notified Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) in early January 2012 that it will have to pay NIS 2.7 billion in taxes, the Tax Authority will probably demand an additional tax assessment of NIS 200 million within a few weeks, under a new directive for 2005.
Teva has not responded to the report.
In early January, the Tax Authority made an unprecedented demand of Teva, when Jerusalem district tax assessor Avi Bachar issued a tax assessment of NIS 2.7 billion, after a disagreement about Teva's right to a tax exemption on the basis of the Law for the Encouragement of Capital Investment.
Teva's share price fell 0.5% in morning trading on the TASE to NIS 169.50, after closing at $45.71 on Nasdaq on Friday, giving a market cap of $40.4 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on February 6, 2012
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