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

BERLIN: 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's $160 billion deal to buy Botox maker Allergan .

"It 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 and shift its headquarters to Ireland to slash its tax bill, drawing criticism from U.S. politicians.