Moving the stock market listing of his Kayarem family company to the Bermuda Stock Exchange saved media mogul Rupert Murdoch around A$1.2 billion in tax, the Australian Financial Review reported on Wednesday.
The listing move for Kayarem (now renamed Karholt) came immediately prior to the reincorporation, in November 2004, of Murdoch's News Corporation from Australia to the United States.
According to the AFR, it allowed the Murdoch family to avoid the Australian stamp duty and capital gains tax which would otherwise have arisen upon reincorporation.
Speaking to the Australian media, a News Corp spokesman confirmed that:
"The reincorporation to the US was tax-free for virtually all shareholders including the Murdochs. That was always well known."
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