White House: Treasury working on more steps to counter tax avoidance

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Source:   —  April 07, 2016, at 9:23 PM

Schultz said it'd be best if Congress took action on the issue. U. S. drug maker Pfizer Inc () agreed on Tuesday to terminate its $160 billion agreement to acquire Allergan Plc () in a triumph for the Obama administration'south thrust to stop tax-dodging mergers.

The White House said on Thursday that the Treasury Dept is working on taking extra steps to counter corporate tax avoidance after it issued major new rules on tax inversions on Monday.

"I know that they're working on any future actions," White House spokesman Eric Schultz told reporters when asked if the Treasury would issue more regulations on tax avoidance. Schultz said it'd be best if Congress took action on the issue.

U. S. drug maker Pfizer Inc () agreed on Tuesday to terminate its $160 billion agreement to acquire Allergan Plc () in a triumph for the Obama administration'south thrust to stop tax-dodging mergers.

(Reporting by Roberta Rampton Writing by Timothy Gardner; Editing by James Dalgleish)

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