In a landscape where global taxation is rapidly evolving, multinational corporations are facing a daunting challenge with the implementation of the Base Erosion and Profit Shifting (BEPS) Pillar Two guidelines set out by the Organisation for Economic Co-operation and Development (OECD). A recent survey conducted by Wolters Kluwer has shed light on the readiness of the market to adapt to these changes, revealing that over 77% of respondents anticipate potential concerns or difficulties in obtaining the necessary data and information required for BEPS Pillar Two reporting and compliance.

To shed awareness and give guidance to those uncertain about the challenge of BEPS Pillar Two, Wolters Kluwer will be hosting a webinar on February 20th to help break down the complexities that companies are facing.

The intricacies of BEPS Pillar Two pose a significant and unprecedented challenge for multinational corporations, primarily in understanding data requirements and managing data efficiently. The findings from the survey underscore the complexities organisations face as they strive to align their data and compliance strategies with the OECD's guidelines, highlighting a clear gap in preparedness and awareness in the corporate sector.

In the upcoming webinar, panel experts from Wolters Kluwer will delve into the reasons behind these challenges, emphasising the significant hurdles organisations encounter in terms of data management and comprehension. Notably, Caroline Wright, Associate Partner at Ernst & Young and Mel Kaddatz, Head of Consulting at Wolters Kluwer, will be speaking at the event, sharing some of their unique knowledge and giving attendees the chance to hear from an industry-leading advisory firm and technology solutions provider in the one discussion.

The discussion aims to unravel the complexities of BEPS Pillar Two rules and their profound impact on an organisation's people, processes, and technology. The panellists are set to explore how these challenges present unique opportunities for multinational corporations to reassess and enhance their current processes, ensuring not only compliance but also improved efficiencies across the broader tax business.

The webinar will cover several critical areas, including the significant challenges corporates face in understanding and managing data requirements for BEPS Pillar Two. It will also highlight the potential for improvement in data and processes as a direct result of adhering to BEPS Pillar Two requirements. Furthermore, the discussion will provide actionable insights on steps organisations should be taking now and in the near future to alleviate these challenges and harness the opportunities presented by these new compliance requirements.

An interactive segment of the webinar will offer attendees the opportunity to pose questions to the panel experts, enabling a deeper understanding of the implications and strategies related to BEPS Pillar Two compliance.

This initiative by Wolters Kluwer is a testament to the growing need for organisations to navigate the complexities of global tax compliance with informed and strategic approaches. As multinational corporations grapple with these challenges, the insights and discussions from this webinar aim to equip them with the knowledge and tools necessary to adapt and thrive in an ever-changing tax landscape. The emphasis on leveraging these challenges as opportunities for process and efficiency improvements marks a pivotal shift in how organisations approach compliance and data management in the era of BEPS Pillar Two.

Update: To learn more about the BEPS Pillar Two guidelines, please watch the full recording of the Wolters Kluwer Seminar below.