Walgreen, the largest pharmacy chain in the US USA plans to get Switzerland to apply for large tax breaks to help businesses in the US USA Just two years after receiving a comprehensive Illinois tax credit package. State to find a job.
This measure, known as an investment, would cost the United States Treasury Department $ 4 billion in tax revenue over the next five years, according to a new report by Americans For Tax Fairness, a group involved in tax reform. . . This could also cause other North American retailers, who tend to pay high tax rates compared to large multinationals like Apple and General Electric, to seek acquisitions abroad to significantly reduce their accounts.
Tax Justice Americans calculated Walgreens’ potential tax savings based on the results of outside analysts who believed the company could reduce its current tax rate from 35% to approximately 20% if it joined Switzerland. (Reintegration abroad would not necessarily mean significant changes in the location of company personnel and operations.)
Our survey shows that Walgreens is highly dependent on American taxpayers for its profits and that investment would deprive our country of significant resources and give the company an unfair advantage over its competitors, the report said.
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De Walgreen’s investment could be possible next year if shareholders approve the acquisition of Swiss company Alliance Boots, Europe’s largest pharmaceutical wholesaler, and retailer. In 2012 Walgreen acquired a 45% stake in the company. At a meeting in Paris in April, some Walgreen shareholders campaigned for investment and, according to the new report, have exhausted potential tax savings. This seemed to change the tone of the company’s executives, who had previously downplayed the possibility of investment.
“We were never in favor of paying more taxes than we have to pay,” Rick Hans, Walgreens vice president, said in a later conference, according to the new report.
In response to the report, Walgreens released a statement Wednesday. As I said, we continue to analyze a series of questions as we get closer to the window to take the second step in our Alliance Boots transaction, and we will do whatever is in the best long-term interest of our company and its shareholders. said the Speaker. James Graham’s voice in an email. Investments are possible if US companies travel to another country, provided that 20% of the company’s shares are held by a foreign company. After the investment, the original US company becomes a subsidiary of a foreign parent company. However, the foreign company is controlled by the shareholders of the original US company.
The tax savings from moving a business address abroad can be huge. Businesses can no longer pay US taxes on profits earned abroad. This can be a great advantage for companies with high sales abroad. Walgreens, since its business is primarily located in the United States, will likely outpace large revenues in several ways: by transferring large external debts to domestic companies to offset the profits, said Frank Clemente, CEO of Americans for Tax. Justice.