Multinational food and products distributor Sysco Corp. expects an uptick in its effective tax rate for the next fiscal year because of the global minimum tax and other factors, the company said in filings.
“Our effective tax rate for fiscal 2024 was 23.8% and is expected to increase to approximately 25% in fiscal 2025 due to an increase in the global minimum tax rate, geographic mix, and increases in state tax rates,” the company said in a Wednesday 10-K.
Last year’s Sysco tax rate came in at 22.6%, up from 22.2% in 2022, according to the filings.
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