Medtronic- the device company that devises "pay for escape to Ireland" tax avoidance

Medtronic Will Pay CEO’s $25 Million Tax Bill on Merger - Bloomberg: "Medtronic Inc. (MDT) plans to pick up a $25 million tax bill for Chief Executive Officer Omar Ishrak, the cost of a special penalty imposed by Congress on executives who shift their company’s tax domiciles out of the U.S.

The company is also paying a $38 million tab for the rest of its top officers and directors, Minneapolis-based Medtronic said in a filing with U.S. regulators. The tax penalty arises from Medtronic’s plan to adopt an Irish address as part of its takeover of Covidien Plc.

The requirement stems from a 2004 law meant to discourage CEO’s from lowering their companies’ tax bills by shifting their legal addresses out of the U.S. It imposes an excise tax, currently 15 percent, on the value of any restricted stock or unexercised options the executives hold at the time of the transaction."



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