|US companies look overseas for tax bill relief|
|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.
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