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Coca-Cola raises €1bn to help pay potential tax charges

Financial Times LogoFinancial Times13h ago

Coca-Cola raises €1bn to help pay potential tax charges - Financial Times

Quick Summary:

The beverage group will be able to reclaim the penalty if it wins an appeal, which it plans to launch later this year.

The payments do not have to be put through its profit and loss account if the Atlanta-based company and its auditor EY agree that there is a better than 50-50 chance of Coke winning on appeal.

The stakes are not only high for Coke, as the $16bn could cover the annual IRS budget and will test the agency’s ability to pursue complicated cases at a time when it has promised to get tough on corporate tax avoidance.


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Article Details

Author / Journalist: Euan Healy

Category: MarketsFinanceInvesting

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-08 @ 11:59:16 (13 hours ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 544 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 21983886

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About Financial Times

Financial Times Logo

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 9 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #3

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