Australia’s former finance minister Mathias Cormann said progress on a global tax reform project was growing, despite sustained pressure on the global rules-based order
, Mr Cormann said “megatrends” such as business digitalisation and green transformation presented challenges and opportunities for governments.
Pillar one, which requires a multilateral treaty, will provide a formula for allocating the taxable profits of the 100 largest multinational companies – particularly big tech companies – to the jurisdictions where the activity actually takes place. The Albanese government has factored the global project into its economic plans and wants Australia to help deliver the deal.
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