Why Coke’s $24b epic tax battle is staying hidden

The stakes of a fight with the US Internal Revenue Service over “astronomical” profits in low-tax countries are visible only in fine print.

Stephen Foley and Gregory Meyer

Aug 9, 2024 – 5.01am

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A decade-long dispute between Coca-Cola and the US tax authorities has escalated to the point that the company could owe $US16 billion ($24 billion) in back taxes, enough to wipe out a year and a half of profits, with the figure rising by more than $US1 billion a year.

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.

Financial Times