As of 2024, companies need to be ready for Pillar Two, the new global minimum taxation rules. Pillar Two brings along unprecedented new data requirements and extensive calculations, posing new challenges for tax teams. Our Pillar Two solution for OneStream helps with the full end-to-end process. Our solution is available standalone or as part of our OneStream tax suite. In this webinar we show you some capabilities it offers.
Pillar Two tries to end the race to the bottom for tax rates between countries. The rules aim to establish a global minimum corporate income tax rate of 15% for large multinationals. Pillar Two will have a substantial impact on compliance requirements and existing processes.
The new rules require companies to calculate whether additional taxes are due. To do this, tax departments need to calculate their income and taxes for Pillar Two purposes. These differ compared to the regular GAAP, statutory and tax definitions. Over 250 required data points have been identified to make these calculations. Calculations are similar to tax provisioning and require advanced tax accounting knowledge.
With a pending enactment on 31 December 2023, companies need to be ready to make the calculations. This ambitious planning requires tax departments to act quickly, change software systems and start identifying and collecting the necessary data within the organization.
OneStream is a cloud-based corporate performance management (CPM) solution that helps organizations streamline their financial processes and drive business performance. It offers a suite of tools that enable users to consolidate financial data from various sources, create financial reports, and perform budgeting, planning, and forecasting.
OneStream’s unified platform provides users with a comprehensive view of their financial data, allowing them to make informed decisions and take timely action. Its powerful reporting and analytics capabilities enable users to drill down into their data and gain insights that can help improve business performance.
In addition to its core financial capabilities, OneStream also offers solutions for financial close management, tax provisioning, and account reconciliations. Its flexible architecture allows users to customize the platform to meet their unique business needs, and it integrates seamlessly with other enterprise systems, such as ERP and CRM solutions.
Overall, OneStream is an innovative CPM solution that can help organizations improve their financial processes, enhance their visibility into business performance, and drive better decision-making.
In a joint effort with the OneStream experts of Finext, Taxvibes developed a unique solution for the challenges that Pillar Two poses. The solution is available standalone or as part of our OneStream tax suite. OneStream’s platform also allows for further integration with other finance processes, giving a single solution for finance and tax.
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