No, the clear implication Obama was making is that the federal tax code gives businesses a tax break for moving operations overseas. That is completely false and was stated by Obama to deliberately deceive.
Technically, it does. It can't tax overseas businesses the same way it taxes domestic ones. Foreign businesses have lower US taxes than US businesses do.
At any rate, I agree with you that Obama is being deceptive.. Obama is appearing to say that US tax code somehow encourages businesses to move overseas (and I'll say again, it probably does - or taxes in combination with other regulations), and that businesses that don't locate in the US are somehow taking advantage of some tax loophole that Romney wants to keep, and Obama wants to eliminate.