NEW YORK — Coca-Cola said on Friday it plans to pay a tax penalty worth $6 billion while it pursues an appeal in a long-running dispute with the Internal Revenue Service.
'The company believes it will prevail on appeal,' Coca-Cola said of a US tax court ruling dated July 31 that covered the years 2007, 2008 and 2009. The back taxes amount to $2.7 billion, which with interest makes the total owed 'approximately $6.0 billion,' the company said.
Following a November 2020 decision in which the US Tax Court ruled against Coca-Cola, the company set aside reserves of $438 million.On June 28 following an updated analysis, Coca-Cola increased the tax reserves to $456 million.Coca-Cola's press release on Friday did not give a timeframe for the $6 billion payments.
To Appeal $6-B US Tax Court Penalty
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
foodpanda, Coca-Cola partner to refresh Ka-pandasDefining the News
Read more »
Coca-Cola lifts full-year projectionsNEW YORK — Coca-Cola raised some of its full-year financial projections on Tuesday as it reported better-than-expected profits, pointing to a lift from premium products that countered weakness in some markets.
Read more »
Coca-Cola PH continues to empower micro-retailers with the launch of new centres to provide entrepreneurial skillsDefining the News
Read more »
Coca-Cola and Marvel unite on exhilarating collaboration for fans with thelaunch of new limited-edition pack designs and immersive storytelling with characters from across the Marvel UniverseDefining the News
Read more »
Shaina Magdayao joins film fest jury in New YorkDefining the News
Read more »
Dutch-Filipino artist's work featured in New York Times Square Arts Midnight MomentMartha Atienza, a Dutch-Filipino artist, was featured in Times Square Arts on July 2, 2024. Her video artwork 'Our Islands 11°16’58.4”N 123°45’07.0”E' will be showcased at the Midnight Moment Summer Season this July.
Read more »