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Disney hit in 'Lux Leaks'

Walt Disney - the giant behind hit film Frozen (right), commodities group Koch Industries, and others agreed deals in Luxembourg that could have delivered huge tax savings, a group of investigative journalists has reported, heightening an international debate on corporate tax avoidance.

The International Consortium of Investigative Journalists (ICIJ) said the two companies engaged in complex re-structurings and channelled hundreds of millions of dollars in profits through Luxembourg subsidiaries that enjoyed tax rates of less than 1pc.