Coca-Cola plans to pay a $6bn tax penalty while appealing a US tax court ruling in a dispute with the IRS.

Coca-Cola announced plans to pay a $6bn tax penalty while appealing a US tax court ruling in a long-standing dispute with the IRS. The ruling concerns tax payments related to the years 2007, 2008, and 2009, and the company believes it will prevail on appeal, owing the total amount of "approximately $6.0bn". Coca-Cola has been involved in the tax dispute with the IRS since 2015, when the IRS contested the company's accounting of income from foreign affiliates. The company has 90 days to file a notice with the US Court of Appeals and is required to pay the agreed-upon liability and interest to the IRS.

August 02, 2024
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