The Tax Office has won a challenge by PepsiCo over assessments that it owed royalty taxes for deals it orchestrated between Singapore and Australian subsidiaries for beverage concentrate and branding rights.
US-based Pepsi challenged an assessment by the Commissioner of Taxation that said the beverages giant owed millions in royalty withholding tax and diverted profits tax over its deals with then-named Schweppes Australia, which changed its named to Asahi Beverages, for the 2018 and 2019 financial years.
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Max Mason covers insolvency, courts, regulation, 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
