White House: Treasury working on more steps to counter tax avoidance

Reuters News
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Posted: Apr 07, 2016 1:51 PM

ABOARD AIR FORCE ONE (Reuters) - The White House said on Thursday that the Treasury Department is working on taking additional steps to counter corporate tax avoidance after it issued major new rules on tax inversions on Monday.

"I know that they are working on any future actions," White House spokesman Eric Schultz told reporters when asked if the Treasury would issue more regulations on tax avoidance. Schultz said it would be best if Congress took action on the issue.

U.S. drug maker Pfizer Inc <PFE.N> agreed on Tuesday to terminate its $160 billion agreement to acquire Allergan Plc <AGN.N> in a victory for the Obama administration's push to stop tax-dodging mergers.

(Reporting by Roberta Rampton Writing by Timothy Gardner; Editing by James Dalgleish)