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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