The authors examine a Consultation Paper released by the Australian Treasury in October 2022 seeking comments on the OECD’s two-pillar response to the challenges posed by the digitalization of the world economy. By way of preliminary comment, there will be significant challenges in Australia meeting the OECD timelines, which envisage Pillar Two coming into effect in 2023 and Pillar One in 2024. However, given the Australian government’s strong support for OECD and G20 initiatives, it seems likely Australia will commit, to the extent possible, to implementing the new global agreement in accordance with the OECD timetable.
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First Published: International Transfer Pricing Journal, 2023 (Volume 30), No. 1. Published online 15 December 2022.