Burger King in Talks to Buy Canadian Chain Tim Hortons
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Burger King Worldwide is in talks to buy Canadian chain Tim Hortons and move its headquarters to Canada, becoming the latest American company seeking to relocate to a lower-tax country.
Burger King would create the world’s third-largest fast-food chain by merging with Canada’s biggest seller of coffee and doughnuts, the companies said in a statement. Canada’s corporate tax rate is 26.5%, compared with 40% in the U.S., according to audit, tax and advisory firm KPMG.
The deal threatens to renew debate over American companies shifting their headquarters internationally in search of a lower corporate tax bill. The trend drew criticism last month from President Barack Obama. His aides vowed that the administration would take action to curtail the practice.
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