In his February 17 economic note, Australian Treasurer Wayne Swan talked of the increasing trend of multinational profit shifting, throwing his weight behind earlier comments from his counterparts in France, Germany and the UK. Now, Assistant Treasurer David Bradbury has reinforced the Australian government’s stance by claiming that protection of the tax base is the “most significant challenge to the world’s major advanced economies”.
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Despite the relief, Brazil’s government has also presented a bill which seeks to re-impose a tax burden on companies’ payroll, one local tax specialist told ITR
While successful pillar two implementation will require collaboration across all units, a combination of internal and external tax advice is at the centre of the effort