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US: Pepsi expects US$600m tax benefit

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PepsiCo has said that it expects to record a non-cash tax benefit of around US$600m in the fourth quarter.

The benefit is expected after the US tax authorities examined Pepsi's consolidated income tax returns between 1998 and 2002.

Pepsi said it has agreed with all the adjustments made by the tax authorities, with the exception of one matter. The agreed adjustments include transfer pricing and various transactions, such as acquisitions, the public offering of The Pepsi Bottling Group, as well as the restructuring of the company's international snack foods operations.


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