Burger King Worldwide Inc. will save hundreds of millions of dollars in U.S. taxes by merging with a Canadian coffee and doughnut chain, according to a new report from a tax advocacy group that called the deal a “‘whopper’ of a tax dodge.”
The Miami-based fast-food giant will create a parent company in Canada for it and Tim Hortons Inc. through its acquisition of the business. The deal, considered a major tax-lowering corporate inversion by its critics, is set to close on Friday, creating the new Restaurant Brands International Inc. in Canada, according to Burger King and Tim Hortons.
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