The European Financial Reporting Advisory Group (EFRAG), which advises the European Commission on International Financial Reporting Standards, is concerned that the International Accounting Standards Board (IASB) has not considered fully its proposed changes to IAS 12, which deals with accounting for income taxes.
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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