The SEC in the US has sanctioned the Chinese branches of the Big 4 accounting firms for failure to disclose documents related to an investigation of potential fraud. The units had been suspended from auditing US-traded firms for six months. However, this latest SEC action removes the ban but imposes a fine of $500,000 each.
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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