Burger King To Become–Canadian?
Burger King is in talks to buy Tim Horton’s a Canadian donut company, and word is they’ll headquarter in Canada. Does that mean they’ll have to change their red, white and blue logo?
Shawn Simpson, who hadn’t heard of the talks until approached by a reporter while he was at a Burger King in New York City on Monday afternoon, said he didn’t like the idea of the company paying its taxes to another country.
“For them to take their headquarters and move it across the border is a negative for me,” said Simpson, 44, who was ordering a Double Whopper and onion rings. “It’s an American brand.”
A representative for Burger King, Miguel Piedra, said while the headquarters of the new company would be in Canada, Burger King would still continue to be run out of Miami. Piedra also said the comments on Burger King’s Facebook page represent a small fraction of the company’s more than 7 million followers on the social media site.
Burger King isn’t the first company to face fallout over a tax inversion, which is when a company acquires a business in another country, then relocates its headquarters there. Big U.S. companies, including pharmaceutical AbbiVie and Valeant Pharmaceuticals, recently have pursued tax inversions to cut their costs. Earlier this month, Walgreen abandoned plans to pursue a tax inversion after negative publicity about the planned move.
President Barack Obama and Congress have criticized inversions because they mean a loss of tax revenue for the U.S. government.[su_sky_ad]