The treasurer of a U.S. company that is projecting a global taxrate of less than 3 percent this year said the country's tax systemmakes it difficult to compete in overseas markets.

Anthony Smith of Thermo Fisher Scientific Inc. told the SenateFinance Committee Tuesday that the U.S. needs to lower the 35percent corporate tax rate and make it easier for U.S. companies tobring profits home.

Thermo Fisher, which makes laboratory equipment, reported a 9.2percent tax rate for 2014 and hasn't reported a tax rate above 12percent since 2008, according to securities filings.

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