The claim followed Trump's assertion in a televised debate on Sunday that, like himself, Buffett had avoided paying income taxes by deducting sizable business losses.
Buffett, founder and head of the Berkshire Hathaway conglomerate, said Monday this was untrue.
"He has not seen my income tax returns. But I am happy to give him the facts," Buffett said in a statement.
Buffett, who has endorsed Democratic nominee Hillary Clinton, said that for 2015 he had declared gross income of $11.6 million and, after $5.5 million in deductions for charitable contributions and state taxes, paid $1.8 million in federal taxes.
Buffett noted that he gave charities nearly $2.9 billion last year but only could deduct $3.5 million of that.
Trump however has not released his tax data.
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