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prima:Senate Committee warns of “tax gaming” by pharmaceutical companies to report profits in Puerto Rico

Finance Committee Chairman Ron Wyden investigates rules that allow companies to report profits in foreign jurisdictions to avoid paying federal taxes

May 12, 2023 - 11:50 AM

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This content was published more than 6 months ago.
Senate Finance Committee Chairman Ron Wyden. (The Associated Press)

Washington D.C. - A Democratic majority memorandum, led by Senate Finance Committee Chairman Ron Wyden, warned Thursday of “tax gaming” by big pharmaceutical companies that report 75 percent “of its profits overseas” including in Puerto Rico, where the tax rate is lower.

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