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GO INSIDE NEWS CORP'S TAX AND ACCOUNTING STRATEGIES
Published December 8, 1997
The "empire" of News Corp. Chair RUPERT MURDOCH was examined in a front-page feature by Paul Farhi in Sunday's WASHINGTON POST. Murdoch became an American citizen in the mid-80's to comply with U.S. law prohibiting foreign ownership of TV stations, and those TV stations provide News Corp. "with the vast majority of its revenue and profit." But "through the deft use of international accounting loopholes and offshore tax havens, Murdoch has paid corporate income taxes at one-fifth the rate of his chief U.S. rivals throughout the '90s." Farhi added that there is "no suggestion from U.S. authorities of any impropriety" in the way Murdoch has done business and that the "international tax and accounting strategies employed by News Corp. may, in fact, make Murdoch a model for the 21-century entrepreneur -- a captain of an industry who operates under so many flags at once that it's hard to know where his allegiances lie or how his businesses function" (WASHINGTON POST, 12/6).