Beverage company Coca-Cola has been hit with a hefty fine in a nearly decade-long tax dispute with U.S. authorities, and the impact is likely to be felt even given the company’s billion-dollar revenue…
Coca-Cola is now expected to pay a total of about $6 billion (5.56 billion euros) — and just for the period 2007 to 2009. The amount includes a payment of $2.72 billion and accrued interest, the company said on Friday. Coca-Cola has announced an appeal.
Foreign profit incorrectly registered?
The case between Coca-Cola and the IRS in federal tax court centers on the allegation that Coca-Cola improperly reported foreign income from 2007 through 2009. The company said that if it wins the case, it will get the money back. The investigation into the case began in 2015.
Coca-Cola remains one of the most successful and valuable brands in the world. The Coca-Cola Company, which includes brands such as Fanta, Sprite, Cappy and, since 2003, the Austrian mineral water brand Römerquelle, generated sales of approximately $45.7 billion in 2023.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
