The Coca-Cola Company shifted more than $430 million offshore which the Tax Office alleges it should have paid tax on because its local affiliate used the beverage giant’s branding, trademarks and other intellectual property.
The ATO says the US-based company received diverted profit tax benefits of $213.1 million and $221.5 million in 2018 and 2019 respectively, according to newly filed court documents in a dispute over tax assessments and penalties. The ATO alleges these amounts were liable for royalty withholding tax.
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Max Mason covers insolvency, courts, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
