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© gualtiero boffi dreamstime.com Business | November 03, 2017

Broadcom announces intention to move back to the US

The semiconductor company has disclosed its intentions to initiate a redomiciliation process to change the parent company of the Broadcom corporate group from a Singapore company to a US corporation.
Broadcom says that the move will happen whether or not there is corporate tax reform in the United States, although the final form and timing of it all will be affected by any corporate tax reform.

“We believe the USA presents the best place for Broadcom to create shareholder value,” said Hock Tan, the Company’s President and Chief Executive Officer. “We expect the tax reform plan effectively to level the playing field for large multinational corporations headquartered in the United States and to allow us to go all in on U.S. redomiciliation. However, we intend to redomicile to the United States even if there is no corporate tax reform.”

“The returns we can drive by continuing to pursue our growth strategy far outweigh the incremental taxes we would expect to pay by redomiciling in the USA,” said Tom Krause, the Company’s Chief Financial Officer. “We support the tax reform plan because it is pro-growth and would allow companies like us to bring off-shore earnings back to the United States after paying an annual U.S. minimum tax on global profits.”

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November 14 2017 8:30 PM V8.8.9-1