Skip to main content

Waters to Repatriate $500M in Foreign Sales After New Law Provides Opening

NEW YORK, July 13 (GenomeWeb News) - Waters said it will take advantage of changes in federal tax laws and repatriate around $500 million in foreign earnings.

The step, which Waters said it will take in the third quarter, will force the company to pay between $22 million and $28 million federal, state, and foreign taxes.


According to a Waters SEC filing today, the new law allows companies to repatriate foreign subsidiary earnings at an effective rate of 5.25 percent -- instead of 35 percent -- before foreign tax credits.

This is significant because Waters said first-quarter sales to the global pharma market were slower than expected.

"Legislation was passed during the fourth quarter of 2004 that provided an elective 85 percent dividends received deduction which permits US corporations to repatriate earnings of foreign subsidiaries at an effective federal tax rate of 5.25 percent versus 35 percent before consideration of foreign tax credits," Waters said in its filing.


The company went on to say that on July 12 its board "adopted resolutions to repatriate approximately $500 million as a qualified distribution in accordance with the legislation."

The Scan

Gap in COVAX Doses

BBC News reports that COVAX is experiencing a vaccine shortfall, as the Serum Institute of India has paused exports.

Sanofi, GSK Report Promising Results

The Wall Street Journal reports that the candidate SARS-CoV-2 vaccine from Sanofi and GlaxoSmithKline has had encouraging early results.

Influence of Luck

The New York Times examines how the US avoided variant-fueled increases in COVID-19 cases.

PLOS Papers on Retina GWAS, Hantaan Virus, COVID-19 Phenome-Wide Association Study

In PLOS this week: genome-wide association study of retinal morphology, analysis of hantaan virus found in a mouse, and more.