Though Australian tax advisers and fund managers have made positive noises about long-awaited amendments to the managed investment trust (MIT) tax regime, they say the government still needs to fine-tune some aspects, including treatment of limited partnerships and multi-class trusts, before the Bill is introduced to Parliament later this year.
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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