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Latest headlines

Coke says IRS wants $3.3 billion in back taxes

By Jeremy Gerrard
Coca-Cola invests in Nigerian snack, beverage company
September 21, 2015

Following a 5-year audit, the Internal Revenue Service notified the Coca-Cola Company that it owes an additional $3.3 billion in federal taxes plus interest for the period of 2007-2009, the company announced last week.

According to Coca-Cola the disputed amount is related to how much taxable income the company should report to the U.S. in connection with its licensing that allows foreign affiliates to sell its products around the world.

In a regulatory filing with the Securities and Exchange Commission, Coca-Cola said the IRS assessments are without merit and the company plans to pursue all administrative and judicial remedies to resolve the matter.

 “Initially, the company expects to file a petition in the United States Tax Court challenging the notice,” Coca-Cola said. “The company intends to vigorously defend its position and is confident in its ability to prevail on the merits.” 

KEYWORDS: beverage industry food and beverage manufacturing

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Jeremy Gerrard was Food Engineering's Digital/Online Editor. He is a graduate of Auburn University with a degree in journalism. His previous work experience includes years spent as a reporter with the Daily Local News out of Chester County, PA. In addition to writing feature articles for Food Engineering, Jeremy covered the Dry Processing, Field Reports and People and Industry news sections.

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