How tax teams can build a global compliance and reporting infrastructure
With the introduction of GMT, the burden of expectations on tax teams is now more complex. For many countries, the Pillar 2 rules became elective in 2024, and the ‘sea change’ in global taxation is well underway.
This shift in global taxation forces multinational businesses to assess where the impact will hit. It requires more data to be gathered, processed, and disclosed, in more detail, more quickly, more often, and to more tax authorities (as well as internal stakeholders), in order for more tax to be paid.
Workflows may need to be redesigned or significantly overhauled to give confidence that risks are being mitigated and that compliance obligations are being met in a timely manner. Companies may look to this as an opportunity to re-evaluate existing processes and technologies and procure the resources needed to implement updated solutions that can keep up with the ever-changing compliance requirements.
Smart, automated technology is key to ensuring that tax departments can do more with the resources they currently have, so that they can stay ahead of the game in terms of compliance and minimize disruptions to the business.
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