Andrew Forster , an executive of American International Group Inc. ’s derivatives unit, said he was surprised that the insurer’s managers were unaware of collateral-posting requirements included in the contracts.
Microsoft Corp., Merck & Co. Inc., Amgen Inc. and other technology-focused companies are joining forces to seek U.S. tax code changes that wouldn’t put at a disadvantage income earned from patents and intangible assets.
The bipartisan Washington consensus to rewrite the U.S. tax code has a flaw that will make it difficult to turn talk into law. There’s little agreement on what a tax overhaul means and what it’s supposed to achieve.
As President Barack Obama renewed his criticism of tax laws that “reward companies that keep profits abroad,” the government he leads is taking a more subtle approach -- one that’s helping some of those companies.
The six biggest U.S. drugmakers avoided paying $7.05 billion in U.S. taxes last year by shifting their profits overseas. That’s almost double the amount they saved using the same strategy 10 years earlier, according to data compiled by Bloomberg.