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.
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Burnet is currently the head of KPMG’s Financial Services team in Scotland