Pfizer and Allergan deal causes US tax regime concern

Pfizer’s plan to merge with Ireland-based Allergan shows the “critical and urgent need” to overhaul US taxes, the Republican chairman of the House subcommittee that oversees tax policy said yesterday.

The US is “forcing companies to relocate to countries with more business-friendly tax regimes”, Louisiana Representative Charles Boustany, who leads the House Ways and Means subcommittee, said during a Washington hearing.

“This is not the first, nor will it be the last foreign acquisition pushed over the line by the US tax code.