June 26, 2023
Multinationals face complex data challenges from global tax deal (Bloomberg Tax)
Multinational enterprises are facing new and complex tax rules stemming from the Organisation for Economic Co-operation and Development (OECD) and G-20 countries' Base Erosion and Profit Shifting (BEPS) 2.0 project — particularly the project's Pillar Two 15% global minimum tax, which is set to apply to multinational groups with global revenue of more than €750 million ($829 million). Enforcing these rules will require unprecedented global cooperation between tax authorities, and implementation approaches likely will vary among jurisdictions adopting the rules, making compliance a challenge and creating the risk of controversy. Multinationals also will need to manage a substantial increase in data collection and tracking required to comply with these rules.
Learn more in this recent EY article.