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Senate Finance Committee Expands Amgen's Tax Probe: Report

Benzinga logo Benzinga 8/12/2022 Vandana Singh
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Senator Ron Wyden sent a letter to Amgen Inc (NASDAQ: AMGN) asking what methods the company has used to pay an average effective tax rate of around 12% over the past four years. 

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Wyden's office provided a copy of the letter to Reuters. According to the letter, the U.S. Senate Finance Committee is widening its probe into the tax practices used by large companies, including Amgen, Merck Co Inc (NYSE: MRK), and AbbVie Inc (NYSE: AMGN). Related: Amgen To Fight IRS Agency Over Tax Bill Of Whooping $10.7B: Report. "We can confirm that Amgen received a letter from Chairman Wyden regarding the company's tax practices. We are reviewing the information requests in the letter and will respond," Amgen said. The Wyden letter also focuses on Amgen's operations in Puerto Rico. Senator Wyden asked the company to provide the committee with financial documents and other financial information by the end of the month. He also asked the company to provide any tax agreements it may have signed with Puerto Rican authorities, which might provide the company with a tax rate of 0% in Puerto Rico. Price Action: AMGN shares are up 0.11% at $248.63 during the market session on the last check Friday.

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