The soft-drink maker has been hiding “astronomical levels” of profit in low-tax countries including Ireland to shield it from the US Internal Revenue Service, according to a withering court judgment, which the company is planning to appeal against later this year.
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How a $16b tax stand-off stays unseen in Coca-Cola’s earnings
Alex Martin, transfer pricing specialist at the tax advisory group KBKG, said other companies were watching closely. “This decision could be a template for the IRS to audit other US companies with profitable subsidiaries.”
