Last week’s publication of Finance Bill 2013 confirmed the UK is to introduce a General Anti-Abuse Rule (GAAR) later this year. But there is no consensus that the proposed measure is necessary or that it will be effective. One criticism is that legislators have not taken on board the lessons learnt in other jurisdictions such as Australia, Canada, New Zealand and South Africa.
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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