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		</div><p>The Internal Revenue Service (IRS) has said Microsoft owes the US Treasury $28.9 billion (€26 billion) in back taxes, plus penalties and interest, the company revealed in a securities filing.</p>
<p>The figure, which Microsoft disputes, stems from a long-running IRS probe into how Microsoft allocated its profits among countries and jurisdictions in the years 2004 to 2013.</p>
<p>Critics of that practice, known as transfer pricing, argue that companies frequently use it to minimise their tax burden by reporting lower profits in high-tax countries and higher profits in lower-tax jurisdictions.</p>
<p>Microsoft, which is based in Redmond, Washington, said it followed IRS rules and will appeal against the decision within the agency, a process expected to take several years.</p>
<p>The company’s shares dropped slightly in aftermarket trading, falling $331.</p>
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