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The
rule, issued as temporary regulations in April, has been
challenged in federal court after it helped scuttle a planned
$160 billion merger between Ireland-based Allergan Plc <AGN.N>
and U.S. drugmaker Pfizer Inc <PFE.N>.
Known as the "serial inverter" rule, the regulations aim to
prevent non-U.S. companies from engaging in multiple merger
deals called tax inversions that allow their U.S. partners to
rebase in low-tax countries, if only on paper.
"Treasury continues to work to finalize these regulations," a
Treasury spokeswoman said on Monday. The administration
finalized another set of anti-inversion regulations last month.
Business lobbyists believe the serial inverter rule could be
made final before year end.
With Republican Donald Trump in the White House and Republicans
in control of both chambers of Congress next year, corporations
hope to see regulations rolled back sharply.
House of Representatives Republican leader Kevin McCarthy called
on federal agencies this month to stop issuing new regulations.
Earlier in the year, House Republicans asked the Treasury not to
proceed further with anti-inversion regulations.
(Reporting by David Morgan; Editing by Jonathan Oatis)
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