Speaking at the Public Sector Symposium titled, “Connecting the intelligence: Beyond the headlines of Base Erosion and Profit Shifting” hosted by Chartered Accountants Australia and New Zealand, PwC partner Pete Calleja called for change on an international basis.
"The international tax rules need to be modernised to reflect how business is done today and it is right that the OECD is leading this work," he said.
“PwC would like to see a simpler, more certain tax system."
“Each nation develops tax policies to encourage jobs, investment and growth in their country. This creates a competitive environment which is only increasing with globalisation of trade and investment," Mr Calleja said.
“It will be near impossible to get all countries to level set and agree on the same tax rates. And ad-hoc unilateral agreements could result in increased uncertainty and double taxation for multi-national corporations," he added.
Mr Calleja called for “globally consistent parameters” for each country to operate within.
"Balance is required because we also don’t want to apply a handbrake to international trade and investment or generate an unnecessary cost burden on business," Mr Calleja said.