BEPS 2.0

BEPS 2.0 is a game-changer for tax functions: its 15% global minimum tax rate is a seismic shift.

Its requirements come onstream from 2024 for UK headquartered businesses, giving multinational enterprises (MNEs) little time to tackle four key priorities:

Kashif Javed

Partner, Head of International Tax

KPMG in the UK

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Identify your data requirements and gaps
Shape your strategic approach
Make the case for change
Understand what BEPS 2.0 means for you

Complying with BEPS 2.0, and performing the necessary tax calculation, will demand intensive data-gathering and reporting. What data will you need? Does it exist? Where does it sit, and how will you access it?

For some MNEs, BEPS 2.0 may trigger a wider tax transformation, to address the ever-growing demands on tax functions. How far will your response go?

Getting the business’s buy-in for what you need to achieve will be vital to securing budget for the tax department. Who will you need to engage – and what will convince them?

What are its implications for your tax profile, operations, processes, workflows, sourcing models, technology and capabilities? What needs to change – and how?

End-to-end support

KPMG’s professionals are at the forefront of helping organisations to prepare for BEPS 2.0.

Nobody understands the regulation like our experts. We’ll work with you to unpick its impact on your tax function; formulate the right strategic response; and plan your implementation roadmap.

Our end-to-end support includes:

Impact assessment, modelling and scenario-planning – to gauge how BEPS 2.0 will affect your organisation from an economic and operational perspective. This will allow you to move onto developing and updating your BEPS 2.0 roadmap and project plans.
Roadmap planning – to secure the necessary budget and resources from stakeholders outside of the tax function, including finance, IT, systems and legal.
Horizon-scanning – to monitor how different countries are implementing the BEPS 2.0 rules and react when new rules are implemented by Governments around the world.
Safe harbour impact assessments and country-by-country reporting (CBCR) health-checks – to assess how your CBCR process impacts your BEPS 2.0 results and identify any changes to consider.
Accounting and assurance support – to understand the impact on your tax reporting process, plan the narrative and detailed financial statement disclosures on the impact of BEPS on your interim and annual financial statements.
Data evaluation and management – to identify gaps, plan remediation and discover how data can be managed effectively through technology, automation and process transformation.
Pillar 2 compliance – to help you meet Pillar 2 reporting and compliance obligations through process design, technology, KPMG tax expertise and innovation. This could include (but is not limited to) a Managed Service delivery model.

We’ll also work with you to identify and deploy the most suitable tax technology to support your Pillar 2 processes – whether that’s a KPMG propriety solution, third-party software, or one of our Alliance partners.

Plus, our Digital Gateway platform gives you access to the latest AI, machine learning, and data analytics and visualisation technologies. These can help you drive the insights needed to inform your transformation strategy and streamline BEPS 2.0 compliance.