| Australia's and New Zealand’s largest superannuation funds and sovereign wealth funds, including the $70 billion Queensland Investment Corporation and $26bn New Zealand Superannuation Fund, have urged the Organisation for Economic Co-operation and Development to exclude them from new rules that clamp down on profit shifting and base erosion.
The proposed global tax rule could have profound ramifications on Australia’s and New Zealand’s largest super funds and sovereign wealth funds, with KPMG senior tax partner Steven Economides telling The Australian the proposed rules would be “a disaster” for local super funds...............................................Full Article: Source
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