News Corporation forced to pay ACT Govt $77m

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News Corporation forced to pay ACT Govt $77m

Post by Rickster58 on Tue Feb 15, 2011 7:44 pm

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.

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