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IRS Chief Says It Can’t End Companies’ Offshore Tax Deals

The U.S. government probably can’t take regulatory action to stop companies from lowering tax bills through deals that put their legal addresses outside the country, John Koskinen, commissioner of the Internal Revenue Service, said today.

Pfizer Inc. this week proposed the biggest such deal yet, a $98.7 billion takeover of AstraZeneca Plc that would move the largest U.S. drugmaker to the U.K. for tax purposes and lower its tax rate.