Up to 25 more US companies are considering relocating overseas to cut their tax bills this year, a senior Democratic lawmaker has warned, as he assailed investment bankers for encouraging them.
The prediction came as concern mounts in Washington over a rise in merger deals, known as inversions, which US multinationals use to move their headquarters to countries with lower corporate tax rates.
They were thrust into the spotlight by Pfizer’s $116bn attempt to buy UK rival AstraZeneca. Anger is now rising over Walgreens, a drugstore chain that could use its agreed takeover of Switzerland-based Alliance Boots to redomicile.
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