(Bloomberg) The U.S. Treasury Department plans to release additional guidance this week aimed at deterring corporate inversions, though it can’t stop such tax-avoidance moves without new authority from Congress, Secretary Jacob J. Lew said.
The department will continue studying additional ways of curbing deals in which U.S. companies take foreign addresses to cut their tax rates, Lew said in a letter to several senior U.S. lawmakers obtained by Bloomberg. Shares of Allergan Plc, the Ireland-based drugmaker in talks to be taken over by New York-based Pfizer Inc., dropped 4.4 percent in extended trading on news of the Treasury’s plans.
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