US$29 billion hit to Microsoft

In its filing with the US Securities and Exchange Commission (SEC), Microsoft announced that it received a notice from the IRS for the 2004-2013 tax period.

The statement indicated that the notification was related to an ongoing dispute with the IRS to audit how the company distributes its profits between different countries and regions, and in that context, it was noted that the IRS asked Microsoft to pay an additional tax. of $28.9 billion in addition to penalties and interest.

THEY WILL OPPOSE

The statement indicated that Microsoft did not agree with the IRS’s request for additional taxes and that the situation would be appealed to judicial authorities if necessary.

The statement underlines that Microsoft always complies with IRS rules and pays its taxes in the US and around the world, noting that since 2004 more than $67 billion in taxes have been paid to the US.

The statement highlighted that the company’s income tax contingency provisions were sufficient as of September 30. (AA)