Podcast: Pillar Two pregame show - Episode 5

Podcast overview

The Pillar Two rules are going to continue to evolve long after they are initially implemented in 2024. These changes are going to put pressure on a number of important areas for multinationals, including legal entity and operational structures, IT systems and financial reporting processes, just to name a few.

In this episode, Tony Burzinski, KPMG Accounting Advisory partner, and James Sanderson, KPMG Tax partner, join the show for the first ever Pillar Two draft! In the two-round draft, Tony and James take turns picking the most important long-term impacts of Pillar Two that companies should start capitalizing on today. 

Want us to answer your Pillar Two questions in our mailbag episode? Submit them here before Nov 30!

Applicability

• Multinational companies with consolidated revenues of at least €750M

Relevant dates

• 2023 year-end reporting – Evaluate whether existing SEC rules require disclosure of the potential effects of Pillar Two
• January 1, 2024 – Pillar Two rules begin to go into effect
• Q1 2024 reporting – Account for the effects of Pillar Two in the interim tax provision

Podcast contents

• 00:25 - Introduction
• 03:40 – First overall pick: the Globe Information Return
• 07:55 – Second pick: safe harbors
• 11:00 – Third pick: legal entity rationalization
• 14:25 – Fourth pick: finance transformation