WITH RUPERT MURDOCH’S business empire under intense scrutiny, attention has turned to News Corp’s tax affairs.
Its latest annual statement to the Securities and Exchange Commission shows News Corp’s effective tax rate at 20%, compared to the US’ 35% corporate tax rate, reported the FT.
Tax advisors said News Corp had benefited from its use of low tax jurisdictions to recognise profits, deferring taxes and speeding up the depreciation of its assets.
The current business rates system is over-complex and reform is needed, but reforms should focus first of all on simplifying the appeals process, particularly for businesses which are subject to business rates exemption
The CIoT has called on the government to rethink its approach to ensuring online sellers pay the correct amount of VAT.
Jane Ellison to serve as 'tax minister' following ministerial responsibilities for public health. David Gauke become chief secretary to the Treasury
Head of editorial Kevin Reed discusses the accountants in the new cabinet; the FRC's report into audit market concentration; and the Top 40 International Networks Survey 2016