5 steps to stay ahead of the global minimum tax regime

The Organization for Economic Co-operation and Development's (OECD) global minimum tax (GMT) rules are making it harder for big companies to avoid taxes by shifting profits to lower-taxed jurisdictions. To stay ahead of the curve, organizations must understand and assess the impacts of the GMT regime, including developing a strategy to address global data collection and management.

  • What are the 5 steps organizations can take to stay ahead of the curve of Pillar 2 global minimum tax rules?

    As the deadline for implementation looms closer, corporations are scrambling to adequately prepare for the new requirements and regulations. Tax teams are now looking for ways to simplify the process and must adjust quickly and intelligently to the new landscape. This is a crucial time for multinational corporations, as it could make or break their success in the global economy.

    Here are the five steps to ensure you’re prepared:

    1. Develop an understanding of global minimum tax (GMT) and how the rules are implemented in the countries where you operate. 
    2. Assess the applicability of the transitional safe harbors and missing data points for entities that do not qualify.
    3. Identify and develop a plan to address data collection, calculations, reporting, and compliance requirements created by the GMT regime.
    4. Leverage technology to manage complex calculations, automate the new workflows, and connect with existing systems.
    5. Define a realistic implementation roadmap utilizing technology to facilitate communication and workflows of cross-functional teams, including local finance departments and tax advisors.

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Orbitax Global Minimum Tax

Remain compliant with the changing Pillar 2 global minimum tax regulations