U.S. Chip Maker Analog Devices Faces Multi-Millon Dollar Tax Fight With Ireland
- Chip maker draws $49 million dollar tax demand from Ireland
- Analog will ‘vigorously defend’ case and is appealing
Analog Devices headquarters in Norwood.
Photographer: JB Reed/Bloomberg
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Analog Devices Inc. is battling a tax demand from Irish authorities, in a case that the U.S. chip maker says could materially hurt its earnings.
Irish officials told the company, an Apple Inc. supplier, that its Irish tax resident unit owed about 43 million euros ($49 million) relating to inter-company transfers stretching back to 2013, Analog said in filings last month. This assessment excludes any penalties and interest, it said. The company’s shares dropped as much as 3.4 percent on Wednesday.