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Inversions deal to go ahead

Inversions deal to go ahead
Global
24 Sep 2014

First published in Business News Online, 23 September 2014

Medtronic (MDT) said it was studying the Treasury action to assess potential impact on its planned $42.9 billion inversion acquisition of Ireland-based Covidien. Several other U.S. firms with pending inversion plans did not immediately respond to messages seeking comment Tuesday.

Treasury Secretary Jacob Lew said the crackdown is aimed at halting a wave of planned or announced inversions that could erode the nation's corporate tax base and shift more of the tax burden to small businesses and average American taxpayers. Lew stressed, however, that the rules were not designed to thwart strategic deals not exclusively based on corporate tax-cutting.

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Taxand's Take

The continued approach of the U.S. on this issue is yet another example of antiquated tax policy which fails to create a pro-business environment.

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