Pfizer suspected of hiding $1.2 billion profit in Italy

According to some reports, the pharmaceutical company Pfizer is under the scrutiny of the Italian police because it is suspected of hiding $1.2 billion in Italy. It’s believed that the company was able to hide such a huge amount by transferring money to foreign units.  

The tax for Pfizer on profits made in Italy could be as high as 26%. In this regard, the Italian Guardia di Finanza suggested that the unit based outside Rome transferred money to foreign units located in the United States and the Netherlands. According to sources, Pfizer has been at the center of the investigation since February this year until now. 

However, the fact that Pfizer was investigated doesn’t mean that concealing money actually took place. It will be possible to identify it only at the end of the investigation, when the case will be referred to the relevant Italian tax agency. And only if the agency considers the investigation to be plausible and well-founded, Pfizer can be fined or ordered to pay tax.

It’s worth noting that the investigation itself is conducted for the period from 2017 to 2019. During this period, the company's profits amounted to 33 billion dollars.

Company spokesperson Pam Eisele assured that Pfizer constantly cooperates with all ongoing tax audits, which are regularly conducted by the relevant authorities, so there is no reason to believe that the company violates Italian tax laws and requirements.