U.S. Firms Move Abroad - Yahoo! Finance
Companies cite various reasons for moving, including expanding their
operations and their geographic reach. But tax bills remain a primary
concern. A few cite worries that U.S. taxes will rise in the future,
especially if Washington revamps the tax code next year to shrink the
federal budget deficit.
"We want to be closer to where our clients are," says
David Prosperi, a spokesman for risk manager Aon plc, which relocated to
the U.K. in April.
Aon has told analysts it expects to reduce its tax rate,
which averaged 28% over the past five years, by five percentage points
over time, which could boost profits by about $100 million annually.
Since 2009, at least 10 U.S. public companies have moved
their incorporation address abroad or announced plans to do so,
including six in the last year or so, according to a Wall Street Journal
analysis of company filings and statements. That's up from just a
handful from 2004 through 2008.
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