Coca-Cola raises eyebrows after funneling billions of dollars to offshore destination: 'Astronomical levels' [Yahoo! Finance]
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Source: Yahoo! Finance
According to Business Post , the beverage giant's Irish arm, European Refreshments Unlimited Company, transferred 2.3 billion euros ($2.7 billion) in 2024 and 2.1 billion euros ($2.5 billion) more this year to Atlantic Industries, an entity registered in the Cayman Islands. Total payments sent to this offshore destination since 2016 now top 16.6 billion euros ($19.5 billion). This subsidiary operates out of Drogheda and has drawn scrutiny from U.S. tax authorities. A ruling from the U.S. Tax Court said the Irish operation had hidden "astronomical levels" of profit from the IRS. Judges ordered the company to hand over $6 billion covering taxes and interest from a three-year period ending in 2009. A Financial Times estimate put Coca-Cola's potential liability at $16 billion, factoring in facilities in Brazil and Ireland. A Coca-Cola spokeswoman said the Irish facility "operates a state-of-the-art concentrate manufacturing plant and a flavours facility" and has nearly 1,000 wo
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