The Coca-Cola Co hits back at US$3.3bn tax increase
Coca-Cola said it will defend its position
The Coca-Cola Co has said an order from US authorities to pay an extra US$3.3bn in taxes and interest is “without merit”.
The new assessment, for money owed between 2007 and 2009, comes from a disagreement over how much tax Coca-Cola should report for licences with its foreign affiliates. The company said it will “pursue all administrative and judicial remedies necessary to resolve this matter”.
It added: “The company has followed the same methodology for determining our US taxable income from certain foreign company operations for nearly 30 years. The [Internal Revenue Service] now seeks to depart from this long-standing practice in order to increase substantially the amount of tax.”
Coca-Cola said that it was one of “hundreds” of other companies facing these types of adjustments.
Last week, Coca-Cola secured a deal with Twitter that will see a Coke-specific hashtag generate the first branded emoji in tweets.
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