In his February 17 economic note, Australian Treasurer Wayne Swan talked of the increasing trend of multinational profit shifting, throwing his weight behind earlier comments from his counterparts in France, Germany and the UK. Now, Assistant Treasurer David Bradbury has reinforced the Australian government’s stance by claiming that protection of the tax base is the “most significant challenge to the world’s major advanced economies”.
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The political optics of the US’s carve-out deal are poor, but as the Fair Tax Foundation’s Paul Monaghan writes, it preserves pillar two’s guiding ethos
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