Editor Desk
Nov 28, 20161 min
Completely contrary to the Republican plans to cut back on federal regulation next year, The U.S. Treasury is moving to finalize a controversial rule intended to make it harder for American companies to avoid U.S. taxes by redomiciling abroad. Known as the "serial inverter" rule, the regulations aim to prevent non-U.S. companies from engaging in multiple merger deals called tax inversions that allow their U.S. partners to rebase in low-tax countries, if only on paper. The rule, issued as temporary regulations in April, has been challenged in federal court after it helped scuttle a planned $160 billion merger between Ireland-based Allergan Plc (AGN.N) and U.S. drugmaker Pfizer Inc (PFE.N). With Republican Donald Trump in the White House and Republicans in control of both chambers of Congress next year, corporations hope to see regulations rolled back sharply.