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Dive Brief:
Senate Finance Committee Chair Ron Wyden, D-Ore., launched an investigation into the global tax practices of AbbVie, asserting that the pharmaceutical company used the 2017 changes in federal taxation and overseas havens to reduce its tax rate from 20% in 2016 to a 9.5% average from 2018 to 2020.
The committee probe will focus on how the 2017 law, passed with overwhelming Republican support, allowed AbbVie “to further abuse tax havens and avoid paying taxes on U.S. prescription drug sales.”
“Instead of using the massive tax cuts given to AbbVie by the 2017 tax law to reduce drug prices for American families, AbbVie has instead chosen to provide a $10 billion windfall to investors by substantially increasing the amount of money it spent buying back its own stock,” Wyden said in a June 2 letter to AbbVie CEO Richard Gonzalez.
Total registrations stood at 156,737 - a huge increase on the 20,247 in May 2020
Business demand boosted sales as the economy showed signs of recovery
VW Golf was the best-selling car last month, ahead of the Vauxhall Corsa
Corsa is now 3,000 registrations ahead of the Fiesta this year - which could end a 12-year stay for the Ford at the top of the UK sales charts