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October 21, 2014, 4:33 pm
970 WMAY News

Report: Walgreen's Abandons Plan To Relocate Overseas


Illinois-based Walgreen’s is reportedly giving up the idea of declaring itself a foreign firm in order to lower its U.S. corporate tax bill. 

 

The drug store chain had considered using a legal tactic called “inversion” to acquire an overseas company and then declare itself foreign-owned.  But after harsh criticism from U.S. Senator Dick Durbin and others, the company has now reportedly decided to continue classifying itself as an American corporation, according to a British media report.

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