VN Minister, Coca-Cola executive meet to discuss expansion plans Minister of Planning and Investment Bui Quang Vinh plans to meet Irial Finan, vice president of Coca Cola Group this week in  Coca-Cola caught the attention of the public after it announced a plan to expand business in Vinh, in an interview given to Vietnam National Television (VTV) last year, said taxation bodies found signs of many foreign-invested enterprises (FIEs) engaging in transfer pricing. He named two, Coca-Cola and Adidas. Vinh said that the FIEs are tarnishing the image of the 14,500 FIEs in “ During a working visit to the Vinh also asked the company “to regularly provide information to Vietnamese management agencies and make its business activities transparent in However, to date, Meanwhile, Coca-Cola’s representatives have insisted on their innocence, saying that the group did not engage in transfer pricing to evade tax. Coca-Cola admitted that it had not paid any dong in corporate income tax, but said it did not make sufficient profits to pay the tax. However, though Coca-Cola did not pay corporate income tax, it paid $33 million worth of different kinds of taxes from 2008 to May 2013, contributing to the state’s coffers. At a meeting with the local press in June 2013 in Meanwhile, Irial Finan, who met with Vinh this week, said with their long-term investment plan in Finan said that it took Coca Cola 127 years to be recognized as the world’s leading drink brand which is worth $80 billion. Therefore, Coca-Cola would not be foolish enough to waste 127 years and its great efforts by engaging in illegal actions to make illicit profits. He said Coca-Cola understands that everything will be ruined if it did not do business in a serious manner and obey the laws of the host countries. The senior executive stressed that Coca-Cola Vietnam is ready to receive tax inspectors if the government of Vietnam wants to do this, saying that tax officials who once worked with Coca-Cola Vietnam all admitted that the drink manufacturer always strictly followed accountancy principles. Source: TBKTVN |
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