Over the weekend billionaires Rupert Murdoch and Clive Palmer have demanded to pay more in taxation than they do. Mr Murdoch tweeted: Rupert Murdoch @rupertmurdoch Social fabric means all. Must wake up before coming apart more. That includes closing tax loopholes for rich people and companies. I wonder if he’s referring to the many loopholes that Newscorp exploits to reduce their tax obligations. A report in this week’s Economist newspaper offers an intriguing update. It states that in the four years to 30 June last year, Mr Murdoch’s News Corporation and its subsidiaries paid only A$325m (£128m) in corporate taxes worldwide. That translates as 6% of the A$5.4bn consolidated pre-tax profits for the same period. (source: Tax Free: Rupert Murdoch’s Zero Status) Fellow
[Read more ...]Apr 302012