Income redistribution and law enforcement are the two key pillars of the forthcoming individual income tax (IIT) reform. Businesses and individuals will feel the impact of the changes. There will be continued focus on the tax withholding obligation of businesses in respect of their employees. Dawn Foo and Yong Yong Ng of KPMG believe commercial transactions of entrepreneurs, including sales of businesses to foreign corporations, will be placed under closer scrutiny.
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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