Muhtar Kent, Coca-Cola’s chief executive, is making some waves after what he told The Financial Times in an interview the paper ran this morning.
“I believe the US owes itself to create a 21st century tax policy for individuals as well as businesses,” Kent told the paper. He also went on to criticize the complexity of the tax code, as well as the fact that American companies have to pay taxes on income earned abroad. The FT adds:
Muhtar Kent, Coke’s chief executive, said “in many respects” it was easier doing business in China, which he likened to a well-managed company. “You have a one-stop shop in terms of the Chinese foreign investment agency and local governments are fighting for investment with each other,” he told the Financial Times.
Mr Kent also pointed to Brazil as an example of an emerging economy that is making itself attractive to investment in ways that the US once did.
“They’re learning very fast, these countries,” he said. “In the west, we’re forgetting what really worked 20 years ago. In China and other markets around the world, you see the kind of attention to detail about how business works and how business creates employment.”
Kent also took on Washington head on.
“When a country is in trouble, you can’t have a polarized political process,” he said. “There’s too much comfort. We need more needles to stick in politicians.”