U.S. Senator Wyden Releases Interim Report on Investigation into Big Pharma Tax Practices

U.S. Senate Finance Committee Chair Ron Wyden (D-OR) released an interim report on 7 July 2022 on his investigation into the tax practices of multinational pharmaceutical companies to abuse tax havens and avoid paying U.S. tax. While the investigation has looked into several pharmaceutical companies, the interim report is focused on AbbVie, which despite being headquartered in the U.S. and generating 75% of its sales in the U.S., was found to have reported 99% of its income overseas. In orde…