Uber under investigation by US tax authorities

Uber is under investigation by US tax authorities and said that its potential tax charges in a number of key markets could change.

The recently listed ride-hailing company said in a filing on Tuesday that the US internal revenue service is examining the tax years for 2013 and 2014. Uber also added that it is under examination by other state and foreign tax authorities, and that its tax benefits are to be cut due to the company’s “transfer pricing positions”.

Uber shares in pre-market trading fell by more than 1 per cent in New York. The stock was down 8.3 per cent from the IPO price of $45 (€40) through Monday’s close in New York.

Transfer pricing concerns transactions of goods and services among corporate subsidiaries, and has sometimes been seen as ways to shift income to low-tax jurisdictions.

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While Uber said it believes it has adequate amounts that have been reserved in the relevant jurisdictions, tax years from 2010 to 2019 could be adjusted in a number of its key markets, including the US, UK, the Netherlands, and India. – Bloomberg