[randomtoast]

No, I think both of the following statements can be true at the same time:

1. The audited financial statement meets all requirements and is accurate according to the relevant definitions, stating that the effective federal tax rate is 30%.

2. They pay an effective federal tax rate of 3%.

[loeg]

I don't think those statements can be true at the same time, without significant qualifications on (2) in a way that make it meaningless. Certainly not the reasonable straightforward reading of the phrase.

[randomtoast]

Maybe you are right, but maybe the significant qualifications are on (1) in a way that make it meaningless.

There is a reason why large companies have entire departments dedicated to identifying and utilizing every available national and international tax loophole, all while working to maintain a positive public image.