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Walgreens Backs Off Plan To Move Tax Domicile Overseas

(Undated) -- Walgreens is backing away from its plan to reincorporate overseas to slash its U.S. tax bill. The nation's biggest pharmacy chain said Tuesday it's going ahead with plans to buy all of European drug store chain Alliance Boots. But Walgreens said it won't use the deal to move what's called the company's tax domicile to Britain or Switzerland. Such a move would dramatically reduce Walgreens' taxes and weaken the U.S. tax base.

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