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They uncovered a highly efficient tax structure across six territories that meant Google paid just 2.4% tax on operations outside the US.
E.T.F.'s tend to have fees in line with index funds offered by the low-cost Vanguard Group, the leading index fund company, and have a more efficient tax structure.
Pfizer told the BBC that there were strategic business reasons for the proposed deal, but admitted it would give "a more efficient tax structure".
Pfizer spokeswoman Joan Campion said the UK holding company structure being contemplated "provides for a more efficient tax structure that doesn't subject AstraZeneca's non-U.S.
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But it's appropriate to be tax efficient," he says, carefully, before adding: "Artificial tax structures are different to efficient tax structures".
Mr Bush's tax-cut strategy is at heart a more ideological gamble on the future: he argues that lower taxes and a simpler tax structure will make the economy more efficient in the long run meaning eight, ten, 20 years out.Something similar applies to Iraq.
No toxic tax structure.
Google Ireland Limited's efficient tax rate in 2013.
Nor did the federal tax structure.
It's the most efficient tax system in the world.
But Democrats were still considering changing the tax structure.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com