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Caterpillar vigorously contesting penalties proposed by IRS

Reuters
The logo of the company of machinery Caterpillar (CAT) is seen at the site of a future urban project in Vina del Mar, Chile May 23, 2017. REUTERS/Rodrigo Garrido

(Reuters) - Caterpillar Inc said on Thursday it was vigorously contesting the $2.3 billion tax and penalties for certain years proposed by the Internal Revenue Service.

In March last year, the IRS had challenged the company's taxes for 2007-2012, and federal law enforcement officials raided three of the company's buildings in Illinois in connection with a probe regarding its offshore tax practices.

The heavy machinery manufacturer said in a regulatory filing that it did not anticipate a significant increase or decrease to its unrecognized tax benefits for this matter within the next 12 months. (http://bit.ly/2nZbqqH)

The company's shares were up about 1 percent at $159.17 in afternoon trading.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)