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News Corp settles tax dispute

Giant media company News Corporation has been forced to pay the Australian Capital Territory 77 million Australian dollars in taxes and penalties after an alleged tax avoidance scheme connected to a Bermuda Stock Exchange-listed company unravelled.The Sydney Morning Herald is reporting that Rupert Murdoch media empire paid the money late last year in a secret settlement, two years after being taken to court by ACT tax authorities who demanded $84 million in unpaid taxes, penalties and interest.The dispute dates back to 2004 when when the territory claimed it was owed duty on the transfer of nearly $9 billion worth of shares in a former territory-registered Murdoch company, Karlholt, as part of the restructure of the media mogul's empire.Karlholt Pty Ltd is listed on the BSX.See tomorrow's Royal Gazette for the full story