Billionaire Eugene Melnyk: I’m a ‘whistleblower’ on tax allegations against Valeant

https://twitter.com/USCitizenAbroad/status/503866980894384129

 

This is just one more example of how U.S. tax law makes it difficult for U.S. corporations to compete in a global world. There is no other country in the world that penalizes its own citizens and corporations simply because they are U.S.
Imagine if the Canadian government gave preferential treatment to non-Canadian citizens and corporations.
The U.S. believes it can both have the highest corporate tax rates in the world and expect corporations/people to want to remain Americans. This is delusional.

Financial Post | Business

MONTREAL • Eugene Melnyk, the billionaire owner of the Ottawa Senators and founder of drug maker Biovail Corp., is waging war against the company that now controls his one-time business.

Mr. Melnyk alleges that Valeant Pharmaceuticals International Inc. is masquerading as a Canadian company to make use of this country’s international fiscal treaties and dodge U.S. taxes. He predicts it will all eventually implode if American authorities claw back the taxes he believes Valeant may owe.

The Canadian businessman confirmed that he and three other individuals formed a group that made a formal presentation in 2012 to U.S. regulatory authorities, notably those in charge of taxation, denouncing Valeant’s tax strategy. In an interview this week, he called himself an “official whistleblower.”

The group alleges that Valeant’s merger with Canada’s Biovail in 2010 — which the group, among others, claim was more like California-based Valeant taking over Biovail — was a…

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