Avocado Roundup: Malaysian Government Eyes $200 Million in Global Minimum Tax Revenues
That's making business and economists nervous.
The Malaysian government has suggested that implementing the 15% global minimum tax under Pillar 2 of the OECD’s global tax deal could bring in much as 1 billion ringgit ($211 million) per year in new tax revenues for the country. That has some Malaysian businesses and economists worried about potential negative long-term impacts such a tax could have on the country’s competitiveness, a local report says. The government has not yet announced a timeline for implementing the tax and the rest of Pillar 2 rules, but they are expected to appear in its 2024 budget, the report says. ( (The Edge Malaysia)
The African Tax Administration Forum has helped Nigeria and other African countries recover $1.7 billion in revenues overall since 2016 through tax and transfer pricing audits of foreign businesses and individuals, according to a report. (The Nation)
PwC Australia’s tax leaks scandal undermined retail shareholders’ trust of big four accounting firms’ ability to do high-quality audits of listed companies, a shareholders’ group told a parliamentary inquiry into the sector. (Australia Financial Review)
Baker McKenzie said it’s expanding in South Korea by teaming up with Seoul-based law firm KL Partners on joint venture Baker McKenzie KLP JV. With more than 20 lawyers, the new joint venture will be the largest international law firm in Korea by “partner bench strength,” when it launches in mid-October, Baker McKenzie said. (BakerMcKenzie.com)