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Global tax agreement could prompt Novo Nordisk to take tax payments elsewhere

A global tax agreement involving a 15 percent minimum tax rate may cause Novo Nordisk to relocate its annual tax payments away from Denmark, for example to the US.

Photo: Tidsvilde Stine/Ritzau Scanpix

Novo Nordisk may relocate a large portion of its DKK 8.2bn (USD 1.34bn) Danish tax payments, for example to the US, once the global agreement for a minimum tax rate is passed, according to Danish media Børsen.

The US market makes up more than half of Novo Nordisk's sales, and measured by size and income, the Danish pharmaceutical giant may be the only Danish company which is large enough to be affected by the agreement which may be finalized on Friday this week at a digital meeting between finance officials from the G7 countries.

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