Multinational pharmaceutical companies dodging taxes: report

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ISLAMABAD: A recent report has confirmed years of allegations by local manufacturers of medicines that multinationals not only sell drugs at exorbitant rates but also avoid taxes and are involved in the flight of money in Pakistan and other countries.

In a report, Prescription for Poverty, Oxfam has claimed that the world’s biggest pharmaceutical companies appeared to be dodging an estimated $3.8 billion in tax per year across 16 countries.

It analysed the financial disclosures from Pfizer, Merck, Johnson and Johnson and Abbott between 2013 and 2015.

In the seven developing countries (Pakistan, India, Chile, Colombia, Ecuador, Peru and Thailand), where data was available, the companies appeared to avoid an estimated $112 million in taxes every year.

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