Seventy-six U.S. corporations have shifted their tax domiciles out of the United States to other countries since 1983 to avoid U.S. taxes, with a sharp increase recently in such deals, a policy research arm of Congress said on Monday. Known as inversions, these transactions are still rare but are becoming more common and causing concern in Washington. Responding to a request from lawmakers for background, the Congressional Research Service said it had found 47 such deals had been done in the past decade and more are in the works."Barely a week seems to pass without news that another corporation plans to move its address overseas simply to avoid paying its fair share of U.S. taxes," said Democratic Representative Sander Levin in a statement.Medical technology group Medtronic Inc said last month that it plans to purchase Covidien Plc, a rival based in low-tax Ireland. Analysts said the deal was driven, at least in part, by tax considerations.The research service said other inversions have been done in the past decade by Mallinckrodt Pharmaceuticals, Perrigo Co Plc, Actavis Plc and other companies, many of them rebasing for tax purposes to Ireland.
Shares of ACT fell by 0.37% or $-0.81/share to $220.77. In the past year, the shares have traded as low as $121.12 and as high as $230.77. On average, 2461700 shares of ACT exchange hands on a given day and today's volume is recorded at 2213779.
Covidien Public Limited Company is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings. Shares of COV fell by 1.05% or $-0.96/share to $90.80. In the past year, the shares have traded as low as $57.54 and as high as $92.68. On average, 4255770 shares of COV exchange hands on a given day and today's volume is recorded at 7415459.
Medtronic, Inc. (Medtronic) is engaged in medical technology - alleviating pain, restoring health, and extending life for millions of people worldwide. Shares of MDT fell by 1.46% or $-0.94/share to $63.61. In the past year, the shares have traded as low as $51.22 and as high as $65.50. On average, 7026050 shares of MDT exchange hands on a given day and today's volume is recorded at 7536292.
Perrigo Company plc is a global healthcare supplier that develops, manufactures and distributes over-the-counter (OTC) and generic prescription (Rx) pharmaceuticals, infant formulas, nutritional products, animal health, dietary supplements, active pharmaceutical ingredients (API), and medical diagnostic products, and Multiple Sclerosis drug Tysabri. Shares of PRGO fell by 1.41% or $-2.16/share to $151.15. In the past year, the shares have traded as low as $115.94 and as high as $168.39. On average, 1265940 shares of PRGO exchange hands on a given day and today's volume is recorded at 1540963.
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