IRS Chief Says It Can’t End Companies’ Offshore Tax Deals
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The U.S. Internal Revenue Service probably can’t take regulatory action to stop companies from lowering tax bills through deals that put their legal addresses outside the country, IRS Commissioner John Koskinen said.
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 allow it to pay a lower tax rate.