With the Pillar Two rules now effective and enacted in law, the UK is firmly in position as one of the early adopters of the global minimum tax framework. However, with the updated guidance released by the OECD in December still evolving, complexities remain. There are many critical decisions that organisations need to address. Tax functions and related stakeholders must move from preparation to delivery.
In this Pillar Two webinar session held on Thursday 18 April, Matt Ryan, UK Pillar Two Leader, was joined by Andy Wiggins, our Global Tax Accounting Leader and specialists from our International Tax Practice to discuss the following three key areas, as well as exploring how UK-parented businesses are implementing the necessary steps for Pillar Two financial reporting through to compliance.
- Practical approaches to consider when applying the updated Pillar Two rules in the UK, the current status of Pillar Two implementation in the rest of the world and what is still to come;
- Insights focusing on the key audit and accounting implications, lessons learnt from completed year-ends and how to ensure you stay on top of the various risk aspects relating to judgements; and
- Developing an end-to-end data strategy that encompasses Pillar Two and the broader tax objectives and bringing technology together with people, processes and automation for optimal performance.