Medtronic Is Biggest Firm Yet to Renounce U.S. Tax Status - Bloomberg

Medtronic Is Biggest Firm Yet to Renounce U.S. Tax Status - Bloomberg: "44 American companies that have reincorporated abroad or struck plans to do so, including 14 in a recent wave of moves that began in 2012. Earlier this year, Pfizer Inc., the largest U.S. drugmaker, briefly proposed taking a U.K. address, a move that might have cut its tax bills by as much as $1 billion a year.

Such transactions have begun to snowball within parts of the health-care and oil industries as companies still without a foreign domicile try to catch up with those that have gone offshore. Shareholders are pressing drugstore chain Walgreen Co. to get a Swiss address. Without a change in law, a congressional panel estimated last month, future deals will cost the U.S. $19.5 billion in tax revenue over the next 10 years."



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