Senores Pharmaceuticals Inc., Wholly Owned Subsidiary of the Senores Pharmaceuticals Limited has received a notice from Department of the Treasury Internal Revenue Ogden, imposing the penalty and interest due to alleged non-payment of tax.
The department has imposed a penalty of $22,981.20 and interest charge of $27,554.34 on the grounds of alleged non-payment of tax.
The pharma manufacturer and developer is in the process of challenging the order before an appropriate authority. “SPI is in process of taking up the matter with IRS for necessary corrections,” company said in their regulatory filing. “SPI believes that since the said tax has already been paid there is no case of imposing of penalty.”
The company expects no material impact on financials, operations or other activities of the Company and SPI due to the said notice.
