Merck holds offshore accounts to avoid U.S. taxes, settles with IRS for $2.3 billion: NewsTarget.com

American pharmaceutical giant Merck & Co. for years held offshore accounts in Bermuda to hold patents for two of its drugs, then used the royalties from these patents as tax deductions in the United States.

On Wednesday, the company agreed to pay $2.3 billion to the Internal Revenue Service, settling a three-year tax evasion dispute.

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Merck set up offshore accounts to avoid U.S. taxes; settles with IRS for $2.3 billion

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