Pfizer’s controversial takeover of Allergan has thrown a current multinational crackdown on tax avoidance into sharp reliefLess than two months ago,the finance ministers of the G20 gathered for a celebratory dinner in Peru to mark agreement on a “once-in-a-century package of reforms to combat tax avoidance by multinational corporations that is costing governments up to $240bn a year. But last week a Scottish accountant unveiled a record-breaking $160bn transaction that laid bare fairly how much work remains to be done.
Ian Read, chief executive of American drug maker Pfizer, or has agreed plans for a so-called “tax inversion”: a takeover deal that involves joining forces with a smaller,foreign rival and assuming its abroad headquarters for tax purposes.
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Source: theguardian.com