Pillar Two implementation is gaining traction with economies of all sizes publishing draft legislation, releasing consultations or reaffirming their commitment to implement the rules, and there have been recent announcements from Spain, Germany, Sweden, Ireland, the UK, Canada and Vietnam. The Canadian Federal Budget has introduced a range of green tax incentives in an attempt to remain competitive with the US. Australia has released draft legislation to implement elements of its multinational tax transparency and integrity package. This includes public country-by-country reporting which goes beyond other international standards, new thin capitalisation rules, disclosure of subsidiaries tax residence in financial reports and denial of deductions for certain intangibles payments.
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Pillar Two implementation is gaining traction with economies of all sizes publishing draft legislation, releasing consultations or reaffirming their commitment to implement the rules, and there have been recent announcements from Spain, Germany, Sweden, Ireland, the UK, Canada and Vietnam. The Canadian Federal Budget has introduced a range of green tax incentives in an attempt to remain competitive with the US. Australia has released draft legislation to implement elements of its multinational tax transparency and integrity package. This includes public country-by-country reporting which goes beyond other international standards, new thin capitalisation rules, disclosure of subsidiaries tax residence in financial reports and denial of deductions for certain intangibles payments.
If you are not a subscriber, subscribe now to read this content.
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