Pfizer move to join tax-driven deal-making raises red flags in U.S

A wave of tax-driven overseas deal-making by U.S. companies gained momentum with drugmaker Pfizer Inc's announcement on Monday that it had made takeover bids for UK rival AstraZeneca Plc , fueling political concerns about tax "reflagging" strategies. Pfizer said it wants to buy AstraZeneca and merge the two companies into a UK holding company with a UK tax domicile, while maintaining its operational headquarters in New York. It would likely be the largest deal ever done that included such a so-called tax "inversion." If a deal goes through - which is far from certain given AstraZeneca has so far rejected Pfizer's overtures - it would likely mean a loss of corporate tax revenue for the United States, and a lower effective tax rate for the combined entity than the two companies pay now. For 2013, Pfizer disclosed an effective rate of 27.5 percent and global cash income tax paid of $2.87 billion, including income taxes paid to the U.S. government and other state and foreign tax authorities, based on company filings.

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