Bigtech and pharma companies — Apple, Alphabet and Microsoft among them — might consider borrowing some bond-market manoeuvres from the Federal Reserve.Corporate treasurers will soon need to decide how to sell hundreds of billions of dollars’ worth of investments held “offshore” for tax reasons, assuming they choose to sell them at all.Those investments are mostly made up of government and corporate bonds — American multinationals’ favourite place to stockpile foreign profits and thereby avoid US taxation. Under previous tax law, the companies could defer paying tax on profits earned abroad as long as those profits were “reinvested” in foreign subsidiaries. In practice this meant Irish and Caribbean branches of American companies accumulated dollar-denominated assets.Tax rules have
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Bigtech and pharma companies — Apple, Alphabet and Microsoft among them — might consider...