Australia's Legislation Process and Technical Experience for the Pillar Two
After completing the preparatory work such as impact assessment,public consultation and revision of accounting standards,Australia published the Pillar Two draft legislation in March 2024,officially launching the domestic legislative process for Pillar Two.By introducing the ⅡR,UTPR and DTT rules step by step,the Pillar Two draft legislation not only covers issues such as the articulation of Pillar Two rules with domestic rules and tax treaties,but also specifies the corresponding administrative measures of the new rules,with a view to minimizing the tax compliance costs of multinationals in the implementation process.This paper provides a detailed introduction to Australia's Pillar Two legislative process,draft bill structure and content,and then summarizes valuable legislative technical experience.
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