Rupert Murdoch's News Corp confirms it is top tax risk, ducks Senate questions
News Corporation Australia has admitted that it is the only company in the Tax Office's high-risk category for tax avoidance, while refusing to answer further questions put by the Senate economics references committee.
News Corp had repeatedly declined to comment since The Australian Financial Review revealed on May 11 that News was the only remaining company still in Q1, the Tax Office's high risk category, and that it faced continual audits and reviews as a result.
"We understand that the 'high' categorisation given to us denotes the complexity of the company and therefore the time and resources required to monitor the complex taxation issues," News Corp Australia's chief financial officer, Susan Panucci, said in a response to questions on notice from the committee, which is investigating corporate tax avoidance.
She said this did not mean that News was not paying the correct amount of tax.
Read more: http://www.afr.com/news/policy/tax/rupert-murdochs-news-corp-confirms-it-is-top-tax-risk-ducks-senate-questions-20150519-gh54kr
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