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Bond Market News
Microsoft Disagrees on IRS’ Claim That it Owes US Treasury $29bn
October 12, 2023
Microsoft has disagreed with the claim made by the Internal Revenue Service (IRS) that it owes the US Treasury about $29bn in taxes, penalties and interest. This comes following the IRS’ continuing probe on Microsoft’s allocation of profits among countries and jurisdictions from 2004-2013 via transfer pricing practices where they allegedly reduced their tax outflow by reporting lower profits in high-tax countries and higher profits in lower-tax jurisdictions. Microsoft rebutted saying that it followed IRS rules and will appeal the decision.
Microsoft’s bonds were trading stable – its 3.3% 2027s were at 95.12, yielding 4.91%.
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