Coca-Cola joins McDonald’s in promising not to take Olympic tax break
Coca-Cola has announced that it will not take a tax break as part of its Olympic sponsorship, following the same decision by McDonald’s yesterday.
In a statement, the soft drinks company said: “Coca Cola has never intended to, and will not be making, any corporate or income tax exemption claim with respect to any activity concerning our involvement with the London 2012 Olympic and Paralympic Games.
“More than 90% of the Coca Cola employees working at the Olympic and Paralympic Games are UK nationals. Those from abroad will be paid by their respective home countries.
“As one of the longest, continuous sponsors of the Olympic Movement, we are proud that we are able to use our sponsorship to enable millions of people to experience the Games and believe we have a valid role to play. As well as sharing expertise, our financial support will help to stage London 2012. We have also built on our experience as an Olympic and Paralympic sponsor to help LOCOG deliver the most sustainable Games possible.”
Coca-Cola also called the offices of online campaign group 38 Degrees, whose petition has garnered over 160,000 signatures, to let it know it was not planning to take the tax break.