The Coca-Cola Company Comments on Tax Court Decision
09 Novembro 2023 - 8:55AM
Business Wire
On Nov. 8, the U.S. Tax Court issued a supplemental opinion in
The Coca-Cola Company & Subsidiaries v. Commissioner of
Internal Revenue. The Coca-Cola Company disagrees with the actions
of the IRS and the latest decision by the U.S. Tax Court.
While we disagree with the court’s interpretation of the facts
and law in this case, we are pleased to move closer to a final
resolution of the Tax Court case so that we can pursue an appeal,
where we can assert our claims and vigorously defend the company’s
position.
This includes our belief that it is unconstitutional to face
retroactive tax liability based on the IRS’ use of a calculation
methodology that was different from what was long agreed upon and
approved in audits for more than a decade.
We do not expect the results in this recent supplemental
decision to change the methodologies we have used to calculate the
tax reserve we have taken or the potential aggregate incremental
tax and interest liability we have disclosed related to the dispute
with the IRS or our effective tax rate.
About The Coca-Cola
Company
The Coca-Cola Company (NYSE: KO) is a total beverage company
with products sold in more than 200 countries and territories. Our
company’s purpose is to refresh the world and make a difference. We
sell multiple billion-dollar brands across several beverage
categories worldwide. Our portfolio of sparkling soft drink brands
includes Coca-Cola, Sprite and Fanta. Our water, sports, coffee and
tea brands include Dasani, smartwater, vitaminwater, Topo Chico,
BODYARMOR, Powerade, Costa, Georgia, Gold Peak and Ayataka. Our
juice, value-added dairy and plant-based beverage brands include
Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. We’re
constantly transforming our portfolio, from reducing sugar in our
drinks to bringing innovative new products to market. We seek to
positively impact people’s lives, communities and the planet
through water replenishment, packaging recycling, sustainable
sourcing practices and carbon emissions reductions across our value
chain. Together with our bottling partners, we employ more than
700,000 people, helping bring economic opportunity to local
communities worldwide. Learn more at www.coca-colacompany.com and
follow us on Instagram, Facebook and LinkedIn.
Forward-Looking
Statements
This press release may contain statements, estimates or
projections that constitute “forward-looking statements” as defined
under U.S. federal securities laws. Generally, the words “believe,”
“expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and
similar expressions identify forward-looking statements, which
generally are not historical in nature. Forward-looking statements
are subject to certain risks and uncertainties that could cause The
Coca-Cola Company’s actual results to differ materially from its
historical experience and our present expectations or projections.
These risks include, but are not limited to, increases in income
tax rates, changes in income tax laws or the unfavorable resolution
of tax matters, including the outcome of our ongoing tax dispute or
any related disputes with the U.S. Internal Revenue Service
(“IRS”); the possibility that the assumptions used to calculate our
estimated aggregate incremental tax and interest liability related
to the potential unfavorable outcome of the ongoing tax dispute
with the IRS could significantly change; increased or new indirect
taxes; and other risks discussed in our filings with the Securities
and Exchange Commission (“SEC”), including our Annual Report on
Form 10-K for the year ended December 31, 2022, and our
subsequently filed Quarterly Reports on Form 10-Q, which filings
are available from the SEC. You should not place undue reliance on
forward-looking statements, which speak only as of the date they
are made. We undertake no obligation to publicly update or revise
any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20231109683076/en/
Investors and Analysts: Robin
Halpern, koinvestorrelations@coca-cola.com Media: Scott Leith, sleith@coca-cola.com
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