11/12/2013 6:48:19 AM
Teva Pharmaceutical Industries (TEVA.TA) will pay 2 billion shekels ($565 million) to Israel's government as part of a program to release so-called trapped profit in exchange for a steep discount on its tax bill, the company said on Monday. Trapped profit is profit earned by multinationals after they had been provided with tax breaks to invest in Israel. The Finance Ministry is seeking to give the firms incentives to repatriate some of this profit and generate tax revenue for the government.
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