Coca-Cola and IRS face off in court over $20bn transfer pricing tax dispute
By
John Power
Summary
Coca-Cola and the IRS are set for a Florida court hearing in a long-running legal dispute over transfer pricing practices related to the company's overseas profits. The case, which could result in a $20bn tax bill for Coca-Cola, centers on how the beverage giant prices transactions between its own affiliates. The company is appealing a 2020 ruling that has significant implications for how multinational corporations are taxed on foreign earnings.
Source
bskyCoca-Cola and IRS face off in court over $20bn transfer pricing tax disputealjazeera.comKey quotes
· 3 pulledCoca-Cola and the Internal Revenue Service (IRS) of the United States will face off in a Florida court this week in the latest episode of a decades-long legal battle over the beverage giant's tax liability on overseas profits.
The dispute centres on transfer pricing – the practice of setting prices for transactions carried out between a company's own affiliates – and could result in Coca-Cola facing a tax bill of about $20bn.
The case is being closely watched as it has major implications for how much tax firms pay on overseas profits.
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