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Germany's Schaeuble says need to ensure tax base doesn't erode

Reuters - UK Focus

BERLIN, Nov 24 (Reuters) - German Finance Minister Wolfgang Schaeuble said the global community needs to ensure that its tax base does not erode due to corporate tax loopholes, pointing to Pfizer (NYSE: PFE - news) 's $160 billion deal to buy Botox maker Allergan (Berlin: 28551749.BE - news) .

"It (Other OTC: ITGL - news) shows how important it is (...) that we ensure that our tax basis doesn't erode," Schaeuble said in a speech to the German lower house of parliament on Tuesday.

On Monday, Pfizer said it would buy Allergan (NYSE: AGN - news) and shift its headquarters to Ireland (Other OTC: IRLD - news) to slash its tax bill, drawing criticism from U.S (Other OTC: UBGXF - news) . politicians.

(Reporting by Noah Barkin; Writing by Caroline Copley; Editing by Madeline Chambers)