Category: TIm Hortons

Trump’s Corporate Tax Reforms: What CFOs Need to Know

While Trump wants to close loopholes, many of them stem from public policy concerns — not “special interests.” After a dramatic upset victory in one of the most bitterly contested presidential races in recent history, Donald Trump now has some serious work to do. His corporate tax policies—which are vital… – Continue reading

Barack Obama: Tax avoidance is a big global problem

US President Barack Obama has warned that “tax avoidance is a big global problem” and urged Congress to take action to eliminate tax loopholes. “A lot of it is legal, but that’s exactly the problem,” he said. His comments come a day after the US Treasury Department announced fresh plans… – Continue reading

Canada: Insight – In Search Of Better Tax Outcomes

Taxing decisions With highly efficient labour markets, a solid institutional environment and a strong banking system, Canada has long been considered one of the most competitive nations in the world. In fact, in its most recent rankings in 2014, Bloomberg declared Canada the second best country in the world for… – Continue reading

Abandoned Yahoo Spinoff a Sign That Tax Is Fading as a Deal Driver

Yahoo has reportedly abandoned its plan to spin off its stake in Alibaba. Yahoo’s proposed spinoff had been driven by tax concerns. In a world without taxes, Yahoo could have simply sold its Alibaba shares and distributed the proceeds to shareholders. Yahoo will now concentrate on other strategic options, including… – Continue reading

Burger King wanted Tims HQ in U.K. for tax reasons

While preparing its bid for Tim Hortons Inc. last year, Burger King Worldwide Inc. initially wanted to set up the new parent company of Canada’s iconic supplier of double-doubles and maple-glazed doughnuts across the Atlantic in Britain, to avoid taxes. Miami-based Burger King’s first offer to buy the doughnut chain… – Continue reading

Tax Savings Drove Valeant, Burger King Deals, Senate Report Says

Tax savings drove the acquisition strategy of Valeant Pharmaceuticals International Inc. and led to Burger King’s move to Canada, according to a U.S. Senate committee report. Taxes appear to be much more important to the deals than the companies say, according to an advance copy of the report and testimony… – Continue reading

Avago’s Pending Broadcom Purchase Taps Arcane Tax Structure

Avago Technologies Ltd.’s pending takeover of Broadcom Corp. taps an arcane tax structure that has being dusted off amid a rise in cross-border mergers. Avago said it is prepared to offer Broadcom shareholders special partnership units that would defer any taxes triggered by the $37 billion tie-up, which was announced… – Continue reading

New Tim Hortons owners slash corporate taxes post-Burger King deal

When Burger King’s owners first announced last summer’s mega-deal to gobble up Tim Hortons, the fast-food firm’s executives downplayed a key reason why they were acquiring the Canadian coffee chain and relocating corporate HQ to Canada: to cut its taxes. “Tax wasn’t really the driver of this,” Daniel Schwartz, the… – Continue reading

How an Obscure Tax Loophole Brought Down Obama’s Treasury Nominee

(Bloomberg) -– So how did the previously obscure term tax inversions become part of Washington parlance, fodder for the next presidential campaign and the issue that helped derail a U.S. Treasury nominee? Thank, or blame, depending on your perspective, cutting-edge tax lawyers, populist Democrats, a banana seller, a drugmaker, a… – Continue reading

A whopper of a deal at taxpayers’ expense

Burger King Chief Executive Officer Daniel Schwartz swears that the company’s plan to renounce its U.S. “citizenship” and become a Canadian corporation “is really not about taxes.” But a new report by my group, Americans for Tax Fairness, finds that it really is about taxes after all. The report reveals… – Continue reading

The inversion backlash

Something strange happened in 2014 — Americans became very interested in corporate tax policy. It started in the spring, when U.S.-based pharmaceutical giant Pfizer, which produces blockbuster drugs like Lipitor and Viagra, floated a possible merger with its British-based rival AstraZeneca. Normally a merger of that size would make a… – Continue reading

Burger King will avoid $117m in tax from Tim Hortons merger, activists say

Findings from Americans for Tax Fairness directly contradict Burger King’s earlier insistence that the merger would create ‘no tax benefit’ Burger King acquires Tim Hortons and calls Obama’s bluff on tax Burger King stands to avoid paying hundreds of millions of dollars in US taxes if it completes its pending… – Continue reading

Scorekeeper increases estimate of offshore tax bill

Legislation seeking to stop U.S. corporations from moving their legal address abroad to avoid paying U.S. tax rates would raise significantly more revenue than originally thought, according to the official congressional scorekeeper. The Joint Committee on Taxation now says that Democratic legislation to curb inversions would raise $33.6 billion over… – Continue reading

Tim Hortons-Burger King merger approved by Competition Bureau

Canada’s Competition Bureau says that Burger King’s plan to buy Tim Hortons does not pose a competitive threat to the fast food industry. The antitrust watchdog issued a No Action Letter (NAL) Tuesday, confirming that it reviewed the proposed transaction and concluded that it will not, at this time, “challenge… – Continue reading

Another view: Low tax rates no way to build economy

Canada should not count on building its economy by luring U.S. multinationals over the border with low tax rates in light of an announcement from the U.S. Treasury Department this week. The department outlined new measures to block companies from escaping U.S. taxes by moving earnings outside the country. This… – Continue reading

U.S. businesses moving overseas to dodge taxes

NEW YORK — There’s more than one way for a U.S. company to avoid taxes by claiming a foreign address. Consider the business founded in 1916 as General Plate Co., a maker of sensors and controls for everything from Fords and Frigidaires to the spaceship that first carried Americans to… – Continue reading