Australia's Treasurer Jim Chalmers delivered the Federal Budget for 2023-24 on 9 May 2023. The main tax-related measures of the budget are summarized as follows:
Implementation of a Global Minimum Tax and a Domestic Minimum Tax
The Government will implement key aspects of Pillar Two of the OECD/G20 Two Pillar Solution to address the tax challenges arising from the digitalization of the economy:
- A 15% global minimum tax for large multinational enterprises with the Income Inclusion Rule a…