Sentence examples for switching domicile from inspiring English sources
Switching domicile is not easy.
America's Congress is struggling to agree on ways to stop companies "inverting"—switching domicile to reduce tax bills (see article).
Adding to the controversy over American companies switching their domicile to countries with lower taxes is former Forbes 500s company Ingersoll-Rand (nyse: IR), which now qualifies for our list of foreign companies with significant operations in the U.S. On Dec. 31, 2001, Ingersoll, which makes industrial equipment and hardware, reincorporated in Bermuda.
The company is also planning to switch its domicile from Mexico to the U.S. and delist its shares from the Mexican bolsa.
There are pockets of silliness: the pharmaceutical industry is in a frenzy of "inversion" deals, in which American firms buy foreign ones in order to switch their domiciles and avoid American tax rules.
Under certain conditions an American firm buying a non-American one can switch its tax domicile to the home country of its takeover target, which is why so many drugs firms based in low-tax countries like Ireland have been bought up in the past few years.In September the US Treasury brought in new rules to make such "inversions" harder.
Labour shamelessly burgled three populist planks of the planned Conservative manifesto yesterday when Alistair Darling used his first set-piece occasion as chancellor to raise the threshold for inheritance tax, close loopholes for wealthy non-domiciles and switch green aviation taxes from passengers to flights.
And instead of being a draft-dodging rabble-rouser, he is a law-abiding lawyer with a diverse clientele, a nice Riverside Drive domicile, a petite, pretty lawyer wife who switched to health care consulting after receiving a diagnosis of breast cancer, and a grandson he's gaga about.
