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US Senate panel to debate wave of corporate tax-avoidance deals

Published on Jul 22, 2014 7:46 AM

WASHINGTON (REUTERS) - As more US corporations do deals to cut taxes by shifting their tax domiciles overseas, the Senate Finance Committee will hold a hearing on Tuesday focused on these transactions known as inversions.

Nine such deals have been agreed to this year by companies ranging from banana distributor Chiquita Brands International to drugmaker AbbVie and more are being considered.

The transactions are setting a record pace since the first inversion was done 32 years ago.

Witnesses at the Senate Finance Committee's hearing will include government officials and academics. Chairman Ron Wyden, a Democrat from Oregon, is expected to call for standalone legislation to respond to the flurry of inversions that has Washington on edge.

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