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US companies look overseas for tax bill relief E-mail
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News - St Augustine Area & St Johns County
A growing number of U.S. companies are looking to trim their tax bills by combining operations with foreign businesses in a trend that may eventually cost the federal government billions of dollars in revenue. Generic drugmaker Mylan Inc. said Monday it will become part of a new company organized in the Netherlands in a $5.3 billion deal to acquire some of Abbott Laboratoriesí generic-drugs business. The deal is expected to lower Mylanís tax rate to about 20 percent to 21 percent in the first full year and to the high teens after that. read more

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