01:38 PM EDT, 06/26/2024 (MT Newswires) -- PepsiCo ( PEP ) on Wednesday scored a legal win as it successfully appealed an Australian tax ruling regarding royalty withholding tax linked to intellectual property, according to court documents.

The Federal Court of Australia's full court judgment overturned a previous decision and ruled that certain payments made for concentrate used in Pepsi beverages were not subject to royalty tax.

"The payments were in no part made in 'consideration for' the use of that intellectual property and they did not therefore include a 'royalty,'" the ruling by Justices Perram, Colvin, and Jackman stated.

PepsiCo ( PEP ) didn't immediately respond to MT Newswires' request for comment.

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