A recent article published by Bloomberg BusinessWeek discusses how some U.S. companies are seeking lower tax bills by moving their legal addresses outside of the U.S. with Pfizer Inc. being the latest corporation to consider making the move.
The article titled, “Pfizer Bids for U.K. Address with U.S. Tax Revamp Stalled,” states that Pfizer would be joining a list of 19 other U.S. companies that are making or contemplating similar transactions and that U.S. lawmakers are citing the deals as fuel for a revamp of the tax code.
“Members of Congress are not swayed as easily nowadays by all the rhetoric about corporate tax cheats and companies being traitors because they’re moving to Ireland,” Buchanan Ingersoll & Rooney Senior Tax Counsel Herman Bouma told BusinessWeek. “There doesn’t seem to be that many members upset about the inversions happening. They’re more upset about the way their tax code is, that causes companies to want to do that.”
Read the full article – “Pfizer Bids for U.K. Address with U.S. Tax Revamp Stalled” (Bloomberg BusinessWeek, April 29, 2014)
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