A White House tax crackdown yesterday provoked fury from multinationals as it looked likely to put a halt to Pfizer’s planned $160bn takeover of Allergan, which would let one of the largest US companies move overseas.
Barack Obama stepped up the offensive, championing new proposals to deter “inversion” deals that companies use to move to low-tax jurisdictions, accusing them of exploiting “one of the most insidious tax loopholes out there”.
Multinationals responded by saying they were being unfairly caught in the crossfire of Mr Obama’s campaign as their operations in the US could also be affected by the new rules.
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