Burger King Could Cease to be American
Burger King may cease to be an American company, as it's likely to shift its headquarters to Canada, the New York Times and the Wall Street Journal reported.
Burger King has said that it is in talks to buy Tim Hortons, a Canadian doughnut-and-coffee chain. If the deal comes through, it would see Burger King move its base to Canada, according to US media reports. The move to Canada would lower the 60-year old burger chain's tax liabilities.
Canada's corporate tax rate is about 15 per cent compared to the US corporate tax rate of about 35 per cent.
In the past too, American companies have tried to shift base to foreign countries in a bid to lower their overall tax bill. US pharma giant Pfizer has been in pursuit of taking over UK's AstraZeneca in order to find a lower tax rate.
The practice known as tax inversion, though legal has come under criticism from the White House and US President Barack Obama.
Burger King and Tim Hortons, together have a market value of $18 billion and their coming together would see the formation of one of the world's largest fast-food chains. Burger King has 13,000 stores in 98 countries.
Burger King was etablished in Florida, six decades ago to compete with McDonald's. Tim Hortons is a 50-year old brand.
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