November 19, 2020

US tax authority prevails in dispute with Coca-Cola

New York (AFP) – A US court mostly sided with tax authorities in a dispute with Coca-Cola over how the soda giant reports income from some overseas markets, according to a ruling this week.The US Tax Court decision Wednesday largely upheld the Internal Revenue Service’s arguments, concluding that the agency “did not abuse (its) discretion” in the case. The dispute centers on how Coca-Cola estimates income between 2007 and 2009 tied to licensed foreign manufacturing affiliates in Brazil, Ireland and some other countries that have lower tax rates than the US.The IRS sent a notice to Coca-Cola in…

source https://this.kiji.is/en/702235304981808225?c=648607265489716321

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