Exclusive: Curbing tax-driven business moves abroad a priority - U.S. Treasury

Reuters News
Posted: Apr 30, 2014 12:20 PM

(Reuters) - The Obama administration is focused on finding ways to curb tax-motivated reincorporations to other countries by U.S. businesses, a U.S. Treasury official told Reuters on Wednesday.

"Cracking down on companies that reincorporate overseas to reduce their U.S. taxes is a priority for the administration," a Treasury official said in an emailed statement.

U.S. drugmaker Pfizer Inc said on Monday it has made takeover bids for UK rival AstraZeneca Plc in a possible deal to merge the two companies into a UK holding company with a UK tax domicile.

(Reporting by Kevin Drawbaugh; Editing by Howard Goller and Leslie Adler)