Global fund managers have warned the Albanese government that plans to force the world’s biggest companies to disclose an unprecedented level of tax information will expose sensitive commercial data to competitors and could undermine international co-operation on transparency.

After the planned changes fell flat with business groups, a coalition of 10 fund management associations, representing members in Europe, North America and Asia and with more than $120 trillion in investments, told Treasurer Jim Chalmers they held substantial concerns, and an urgent rewrite was needed.