Category: Coca-Cola

Worldwide: The OECD’s Conquest Of Domestic Tax Codes: Understanding The Costs And Consequences Of The BEPS Project

Authored by IFC Media Recent global events from the release of the Panama Papers to a series of high-profile inversions have given international tax regulators both rhetorical ammunition and public support to execute a global crackdown on multinational tax planning. The goal is to increase total taxes paid by global...

Vietnam plans new transfer pricing rules to curb tax fraud

Various agencies are expected to work together to draft a decree and keep the practice in check. In a move that signals Vietnam’s apparent stronger stance against tax evasion, the Ministry of Finance has sought to work with other ministries and agencies to draft a new decree on transfer pricing...

Corporations paid no tax at Rio Olympics

Coca-Cola, McDonald’s, Visa and the rest of the corporate sponsors of the August 5–21 Olympic Games in Rio de Janeiro won’t be paying any taxes on the money they earn due to a tax exemption law that is set to cost Brazil hundreds of millions of dollars. The exemption, which...

Republicans Take New Tack on Taxing Companies’ Overseas Profits

Democrats are likely to object to the House GOP’s and Donald Trump’s plans for sharply lower rates President Ronald Reagan once chided government’s approach to the economy as following this mantra: “If it moves, tax it.” Today’s Republicans are following Mr. Reagan’s ideas by trying the exact opposite approach. The...

Being Named In The Panama Papers Doesn’t Mean You Broke the Law

The Panama Papers have recently drawn a great deal of investigation and public attention. Over 230,000 organizations and individuals were named as having set up offshore companies in tax haven like the British Virgin Islands, Panama, the Cayman Islands or the Bahamas. The public’s initial reaction was suspicion and anger toward...

Multinational conglomerates escape transfer-pricing charge

VietNamNet Bridge – The agreements on double taxation avoidance that Vietnam has signed with other countries is one of the reasons that have made it impossible for state agencies to clarify the suspected cases of multinational conglomerates conducting transfer pricing. A lot of multinational conglomerates such as Coca-Cola, Metro Cash...

Is It the Real Thing? The IRS Makes $9+ Billion of Transfer Pricing Adjustments Against The Coca-Cola Company

On September 17, 2015, the IRS issued a statutory notice of deficiency to the Coca-Cola Company, increasing its federal income taxes for 2007-2009 by $3.3 billion, based primarily on transfer pricing adjustments exceeding $9 billion. On December 14, 2015, Coca-Cola petitioned the U.S. Tax Court to overturn the adjustments. This...

Coca-Cola Fights $9.4 Billion Transfer Pricing Adjustment

Dec. 14 — The Coca-Cola Co. filed a petition in U.S. Tax Court challenging a proposed $9.4 billion income adjustment related to the company’s transfer pricing for tax years 2007-09 (Coca-Cola Co. v. Commissioner, T.C., petition filed, 12/14/15). If the adjustment is sustained, the company could face a tax bill...

Abandoned Yahoo Spinoff a Sign That Tax Is Fading as a Deal Driver

Yahoo has reportedly abandoned its plan to spin off its stake in Alibaba. Yahoo’s proposed spinoff had been driven by tax concerns. In a world without taxes, Yahoo could have simply sold its Alibaba shares and distributed the proceeds to shareholders. Yahoo will now concentrate on other strategic options, including...

India: No Transfer Pricing Adjustment In Cases Where AE Is From High Tax Jurisdiction: Mumbai Tribunal

Transfer pricing adjustment cannot be made in a case where the tax rate in the country of the Associated Enterprise is higher than the Indian rate and where, accordingly, establishment of tax avoidance or manipulation of prices or establishment of shifting of profits is not possible. Only after proper application...

Taxes: Google quizzed by EU

Brussels – Google and Facebook were among US companies facing questions on Monday from European Union lawmakers about their tax-reducing techniques, a month after regional antitrust regulators raised the stakes by ordering Starbucks and a Fiat Chrysler Automobiles NV unit to repay millions of euros in back taxes. The queries...

Taxing issue: multinationals respond to EP proposals to make them pay their fair share

€1 trillion a year: that’s how much tax evasion and tax avoidance is costing European tax payers every year, according to the European Commission. Parliament set up a special committee to investigate these practices in the wake of the Luxleaks scandals and came up with plans to ensure multinationals pay...

EU calls corporations to account for low-tax deals

European Union lawmakers have called 13 multinational companies to a meeting next week to talk about the low-tax deals they have struck with EU jurisdictions, reports CBC News. Among the companies to be questioned on Nov. 16 will be Amazon.com, Disney, Coca-Cola Co, Anheuser-Busch InBev NV, HSBC Holdings, Ikea Group...

LuxLeaks: Little change in tax avoidance loopholes one year on from revelations

British MEP Anneliese Dodds has accused national governments of hampering progress in tackling corporate tax dodging, warning that EU capitals are “far too focussed on their own self-interests”. On the anniversary of the breaking of the LuxLeaks scandal, Dodds said MEPs had made some progress in stamping out aggressive tax...

IRS Calls on Coca-Cola to Pay Up

Coca-Cola might owe an additional $3.3 billion in federal income taxes following an audit, says the Internal Revenue Service (IRS). Following a five year audit of the company, the IRS concluded that the company’s strategy of lowering its taxable income through transfer pricing, underestimates the amount the company should’ve been...

Facebook, HSBC, Coca-Cola blacklisted by Socialist MEPs

Center-left MEPs turn up the heat on multinationals refusing to exchange views on tax policy. Google, Facebook, HSBC and AB Inbev are among a group of multinationals that have been “banned” from meeting MEPs from the European Parliament’s center-left grouping unless the companies agree to appear before a special committee...

European Parliament mulls lobby ban for big companies

The European Parliament’s special tax committee is seeking to punish multinationals for refusing to send representatives to a hearing in June by revoking lobbyist passes and preventing access to senior European Commission officials. AB InBev, AmazonEU, Barclays Group, Fiat Chrysler Automobiles, Google, HSBC Bank, Ikea, McDonalds and The Coca-Cola Company...

Transfer-pricing cases worse than expected, inspectors find

VietNamNet Bridge –Inspectors looking for transfer-pricing cases examined 2,866 enterprises in 2014, discovering that the actual losses incurred by businesses was VND5.8 trillion lower than reported. The inspectors also attempted to collect VND1.7 trillion worth of tax arrears. The deputy general director of the General Department of Taxation (GDT), Tran...

Apple to IBM hoard $206b abroad to avoid US tax

The largest US-based companies added $206 billion to their stockpiles of offshore profits last year, parking earnings in low-tax countries until Congress gives them a reason not to. The multinational companies have accumulated $1.95 trillion outside the US, up 11.8 per cent from a year earlier, according to securities filings...