Symantec Owes $1 Billion In Unpaid Taxes

According to news emerging from the U.S Internal Revenue Service, it seems that network tools and security major Symantec owes nearly $1 billion (Rs 4,500 crores) in unpaid taxes. The I.R.S states that this astonishing amount is due to the under valuation of Intellectual Property that was licensed to Irish subsidiary companies. This relates directly to Symantec’s acquisition of Veritas Software. Almost $900 million is owed in relation to the Veritas acquisition and the remaining $100 million is owed in undeclared or under valuation of Symantec’s 2003 and 2004 fiscal reports. For further details click here .