By shifting income from high-tax to low-tax countries through transfer pricing, using hybrid entities that are treated as corporations in some countries and flow-through entities in others, stripping profits from high-tax countries through intracompany financing, repatriating under favorable tax conditions, and other tax avoidance mechanisms, multinationals mitigate the impact of being headquartered in a high-tax state.

FORBES: Are US Companies Paying Too Much Taxes?

For many years the Swiss-based multinational fought allegations that it profiteered, and engaged in creative transfer pricing, on its patented tranquilisers, Librium and Valium.

ECONOMIST: Paul Sacher