For many large multinational groups, the Pillar Two rules coming in in 2024 are a key issue. So, what are the five immediate areas for impacted groups to be focussed on, and how can they get ready?
Evaluate how the rules could potentially impact your organisation and how the safe harbours may help
Understand the potential systems issues and gaps in collating the necessary data and plan for how your tax function will handle the added compliance and reporting burden
Undertake a more detailed impact assessment as soon as possible during 2023 to be ready for year-end reporting disclosures and real time data capture from the beginning of 2024
Monitor how countries are implementing the rules and consider the impacts on live transactions
Keep your Board, Management Committees and stakeholders updated on the potential financial and administrative impact of the new GloBE rules
The rules take effect in the UK and many other countries from the beginning of 2024, groups really need to make the most of the very short runway to get prepared - time is now very short.
