Confidence in tax technology and data systems has dropped sharply, with 0% very confident and only 5% confident in their current technology capabilities to handle BEPS Pillar Two reporting requirements, down from 5% and 29%, respectively. Legislative uncertainty has moved from first to third place ...
EY Logo Given the complexity of the Pillar Two model rules, which involve legislative procedures in many jurisdictions, it will be important for companies to undertake detailed assessments of the relevant tax laws and establish and maintain effective internal controls over financial reporting arising fro...
Another effective solution is to embrace technology and software solutions likeGlobalTaxCenter Suitethat help businesses comply with the complex tax rules of the digital economy. GlobalTaxCenter Suite includes modules for country-by-country reporting (CbCR), the OECD's GloBE rules, and th...
Based on this consultation document it is expected that the reporting requirements for tax authorities across the globe will become more standardized and automated, which will make exchange of information among tax authorities easier. 3. A public consultation do...
July 27, 2023 | Join this Dbriefs to be able to identify Pillar Two readiness and financial reporting requirements for your organization.
EPM: Tax Reporting - Pillar Two Overview Enlargeimage+ previous slide 2/9 next slide Manage OECD Pillar Two (Global Minimum Tax) requirements Minimize the burden of broad tax function data requirements and delays to the financial close process and automatically collect data from various source syste...
One of the core benefits of the Pillar Two solution in Oracle Cloud EPM is the ability to forecast and model the future impacts of the new requirements. In addition to the world-class calculation and reporting capabilities tax users can copy Pillar Two data to forecast scenarios for end-to-...
there are several key actions for groups falling within the scope of the rules including to assess the impact, prepare disclosure for group consolidated accounts, restructure if appropriate, prepare resources for the additional reporting and compliance requirements, communicate the effects to stakeholders ...
Image 2: The Pillar Two calculation flow Key business benefits Be ready for Pillar Two requirements and implement the Oracle solution quickly by leveraging the best practice tax reporting framework Speed up the financial close and keep tax reporting connected to the broader financial close process...
The first reporting requirements for Pillar Two become effective on January 1, 2024. For CFOs in the technology, media and telecommunications (TMT) industry, the digital nature of your business can create special tax considerations. The Organisation for Economic Co-operation and Development (OECD) ...