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U.S. companies look overseas for tax bill relief

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Posted: Monday, July 14, 2014 9:00 pm

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 Laboratories’ generic-drugs business. The deal is expected to lower Mylan’s 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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