Avocado Roundup is a quick morning review of top tax, legal, and climate news stories. It’s written by humans.
- French companies will get a fairer competitive landscape on tax and France will take in about an extra 1.5 billion euros ($1.58 billion) in revenues per year starting in 2026, thanks to the country’s implementation of the 15% global minimum tax, French Economy Minister Bruno Le Maire said Wednesday. Le Maire made his comments in presenting to journalists the government’s draft 2024 budget bill, which, Le Maire noted, comes as France faces high inflation and soaring public debt. The draft would put into French law the global minimum tax, which is part of pillar two of the OECD’s international tax reform agreement. It also includes a tax on toll highway operating companies, measures to fight tax fraud, and a 1 billion euro cut in production taxes, among other measures. (Economie.gouv.fr)
- Spain’s labor ministry has decided to fine Big Four professional firms Deloitte, PwC, EY, and KPMG a total of at least 1.4 million euros for violations of the country’s labor rules, according to a report. The ministry last year began investigating complaints by employees of the firms that their work days run as long as 16 hours. (Euro News)
- Partners at PwC Australia neglected evidence of rule-breaking by their chief executive and rainmaker colleagues because they were focused on raking in revenues, a report says. Based on law firm Linklaters’ independent report on PwC Australia’s illegal use of government tax secrets, PwC said it will install an independent chair above the chief executive and implement other governance changes. (Financial Times)
- The report finds the scandal was mostly limited to PwC’s Australian partners. The firm is keen to avoid having US regulators get involved in the scandal. (Financial Review)
Tax Increases, Rulings
- UK and New Zealand audit authorities signed an agreement to recognize audit qualifications in both the UK and New Zealand so that auditors can more easily work between both countries. (FRC.org.UK)
- India’s tax authority hit a US private-equity-backed gaming firm with a $150 million tax adjustment. (Reuters)
- Colombian pop star Shakira is facing a new criminal investigation for tax evasion in Spain. (Associated Press)
- California became the first US state to impose a tax on guns and ammunition to pay for safety programs. (NPR)
