News Corporation forced to pay ACT Govt $77m
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News Corporation forced to pay ACT Govt $77m
Murdoch in $77m pay out to capital
Global media giant News Corporation has been forced to pay the ACT Government $77 million in taxes and penalties after an alleged tax-avoidance scheme perpetrated on the territory unravelled.
Rupert Murdoch's multi-national media empire handed over the money to the territory late last year in a secret settlement, two years after being dragged into court by the ACT's tax authorities demanding $84 million in unpaid taxes, penalties and interest.
The money will allow the territory to present an almost balanced budget this financial year and represents a stunning victory by the nation's smallest financial jurisdiction over an international corporate giant which reported revenue of nearly $4 billion in 2009-10.
The company did not include the massive tax and penalty payment in its December quarter update and a News Corporation spokesman said yesterday that the case had been settled confidentially and declined to comment further.
Read more at : http://www.canberratimes.com.au/news/local/news/general/murdoch-in-77m-pay-out-to-capital/2077343.aspx
Global media giant News Corporation has been forced to pay the ACT Government $77 million in taxes and penalties after an alleged tax-avoidance scheme perpetrated on the territory unravelled.
Rupert Murdoch's multi-national media empire handed over the money to the territory late last year in a secret settlement, two years after being dragged into court by the ACT's tax authorities demanding $84 million in unpaid taxes, penalties and interest.
The money will allow the territory to present an almost balanced budget this financial year and represents a stunning victory by the nation's smallest financial jurisdiction over an international corporate giant which reported revenue of nearly $4 billion in 2009-10.
The company did not include the massive tax and penalty payment in its December quarter update and a News Corporation spokesman said yesterday that the case had been settled confidentially and declined to comment further.
Read more at : http://www.canberratimes.com.au/news/local/news/general/murdoch-in-77m-pay-out-to-capital/2077343.aspx
Rickster58- Posts : 45
Join date : 2011-02-06
Location : Sydney - Australia
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