Obama Administration through the U.S. Treasury Department will clamp down further on corporate income tax-avoiding inversion deals by U.S. companies with foreign rivals. There is a pending inversion deal between U.S. drug maker Pfizer Inc. and smaller Irish competitor Allergan, Plc.
The U.S. Treasury Department will clamp down further this week on corporate income tax-avoiding "inversion" deals by U.S. companies with foreign rivals, according to a letter seen by Reuters on Wednesday.
The U.S. Treasury Department announces new regulations to curb tax-avoiding corporate inversions, i.e., where U.S. companies slash their tax bills by claiming a new tax home overseas, though their core operations and management remain in the United States. The pending $160 billion merger of Pfizer Inc. and Allergan, Plc could be cancelled because of these new rules. 2016-04-4 (Context: Allergan, Plc, Pfizer, U.S. Treasury Department, corporate tax inversions)
Pfizer Inc. decides to terminate its $160 billion merger with Allergan, Plc as officials in Washington crack down on corporate inversions. Pfizer will need to pay a $400 million fee to Allergan for expenses relating to the deal. 2016-04-5 (Context: Allergan, Plc, Pfizer, corporate tax inversions)
The Obama administration's Treasury Department, in a move against corporate tax inversions, enacts regulations to combat a key tax-reduction technique known as earnings stripping. 2016-10-13 (Context: U.S. Treasury Department, corporate tax inversions)
American pharmaceutical companies Pfizer and Allergan, Plc announce plans to merge to form the world's largest drug company. The merger is subject to approval from regulators in the U.S., European Union and elsewhere as well as approval by shareholders of both companies. If approved, the deal will reduce tax revenue paid to the U.S. by approximately $930 million. 2015-11-23 (Context: Allergan, Plc, Pfizer)
Ireland protests in response to the Venezuelan government seizing a Smurfit Kappa production plant, with Dublin liaising through its Mexican embassy to secure its return and the release of imprisoned managers. 2018-09-2 (Context: Ireland)