Walgreens to remain an American company - KCTV5

Walgreens to remain an American company

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Walgreens decides not to move to Europe. (Source: CNN) Walgreens decides not to move to Europe. (Source: CNN)

(CNN) - Walgreens is not moving to Europe.

The drug store company had considered the move after acquiring European drug store chain Alliance Boots.

Walgreens says it considered moving its corporate offices overseas to reduce its tax bill.

The U.S. corporate tax rate is 35 percent, but in some European countries, it's as low as 12.5 percent.

Regardless, the company says it was unlikely the IRS would approve such a move.

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