Relocation of Burger King to Canada 'not tax based'
American billionaire Warren Buffett has denied Burger King relocating its headquarters to Canada, as part of its takeover of coffee chain Tim Hortons, is motivated by lower taxes.
The fast-food giant has come under fire in the US amid claims of tax inversion – when corporations relocate headquarters to a nation with lower taxes – following the announcement of a $11bn (£6.6 bn) deal that will create the world's third biggest fast food group.
Companies which have completed inversions have faced a public backlash and President Barack Obama and the US Congress have criticised the practice, which diminishes government tax revenue.
But Mr Buffett, who is backing the deal via a $3bn (£1.8bn) investment through his Berkshire Hathaway firm, told the Financial Times that moving Tim Hortons to America might be unpopular with Canadians.
"Tim Hortons earns more than Burger King does," he told the paper. "I just don't know how the Canadians would feel about Tim Hortons moving to Florida."