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Global Minimum Tax
THE FUTURE OF GLOBAL MINIMUM TAX: WHAT TO EXPECT IN 2024
Thomson Reuters Tax & Accounting
January 9, 2024 · 5 minute read
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Thomson Reuters Tax & Accounting
January 9, 2024 · 5 minute read
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Harnessing technology will be central to managing 2024 GMT requirements
efficiently
--------------------------------------------------------------------------------
Data will be at the crux of everything for GMT in 2024
--------------------------------------------------------------------------------
Securing tech and skills investment will require a powerful business case
--------------------------------------------------------------------------------
Global minimum tax in 2024 and beyond
--------------------------------------------------------------------------------
In 2024, the new Global Minimum Tax (GMT) regime comes into force under the
OECD’s base erosion and profit-shifting (BEPS) reforms. Designed to prevent the
practice of moving profits to lower tax jurisdictions, under the new “Pillar
Two” rules, companies whose revenues exceed €750m will have to pay a minimum tax
rate of 15% in each country where they do business.
The new requirements are complex and still evolving. They will need to collate,
review, and report on more data more frequently, in more jurisdictions,
gathering it from a range of disparate sources, conducting more complex
calculations, complying with a myriad of different rules, and meeting
ever-tighter deadlines.
The impact is likely to be significant, and tax professionals and businesses
need to be prepared for what lies ahead. To do this, there are three key
considerations to bear in mind:
HARNESSING TECHNOLOGY WILL BE CENTRAL TO MANAGING 2024 GMT REQUIREMENTS
EFFICIENTLY
* Navigating the intricate web of new regulations entails overseeing the
distinct rules set across 138 countries in the BEPS initiative. Jake Fulton,
Head of Quantitative Tax reporting at Orbitax, talked at Thomson Reuters
Synergy 2023, about the unparalleled intricacy of “Pillar Two,” which
overlays 138 sets of rules onto the existing legal framework. Advanced
technology becomes indispensable in this scenario, as it streamlines data
processes, supports intricate tax calculations, and secures comprehensive
control. Despite the common reliance on external guidance, Debbie Morgan,
from Thomson Reuters stresses the imperative of maintaining in-house
technological control for a comprehensive understanding of the broader
strategic landscape.
DATA WILL BE AT THE CRUX OF EVERYTHING FOR GMT IN 2024
* At the heart of all of this is data. Data informs what tax liabilities exist,
where, and when they need to be filed and paid, and underpins modeling and
forecasting.
* Yet, merging data from varied sources in different formats poses challenges.
Relying solely on Excel may fall short, becoming time-consuming as
complexities arise. Debbie Morgan advises against Excel’s limitations,
especially as regulations evolve, suggesting dedicated tools. These tools can
pull data from Excel files, as well as from other formats such as PDFs and
from other systems such as tax provision solutions via integrations, which
can then perform those challenging calculations with country-by-country
calculators built in. “You have to calculate QDmtt, and your Globe Income Tax
STTR IIR Utpr have to run all local country calculators, which could be
different,” explains Morgan.
* Dennis Bremeyer, a Senior Manager at EY, believes it’s important to go
through the data and systems thoroughly – or have advisers do so. He says, “A
lot of your data – probably around 60-70% -can come from provision. When you
analyze provision data, you may want to go back and re-architect some of your
provision to be able to get even more numbers out of it or to be able to
track it.”
* However, it needs to be properly collated before it can be fed into
calculations and reported – which can be a challenging task when it comes
from disparate sources in different formats. What steps can be taken to
ensure accuracy and comprehensiveness?
* Relying on Excel spreadsheets carries risk because, as a tool, it may simply
not be up to the job, as well as being a very time-consuming way to manage
complex tasks such as doing iterative calculations
SECURING TECH AND SKILLS INVESTMENT WILL REQUIRE A POWERFUL BUSINESS CASE
Senior leaders may need to be convinced of the need to invest in dedicated
technology, so a compelling business case will need to be built to justify the
capex. That means being able to outline clearly the impact that you are facing,
and then explaining why you need a budget to be able to handle these new
requirements. Inevitably, people will ask: why can’t it be done another way
without technology? We already have Excel and tax provision software, so why
can’t we use that? One of the first hurdles is describing the complexities and
the risks.
The next is communicating how the technology program may have to change over
time. “The leading recommendation I would give, is to go for a phased approach
for the solution,” advises Bremeyer. “You’re probably not going to be able to do
everything in a matter of weeks. Refine your process as the requirements become
clearer. It’s not a case of turning on the software and you’re ready to go. The
rules are changing, the software is going to keep evolving, so you’re going to
have to plan for additional iterations.”
In addition, organizations may need to plan for adding to internal resources and
upskilling existing tax teams, higher audit fees, and increased external
advisory costs.
GLOBAL MINIMUM TAX IN 2024 AND BEYOND
2024 is just the beginning: GMT is a long-term reform whose requirements will be
ramped up over the years ahead. However, despite the challenges and risks,
opportunities also exist, for instance, to identify more effective methods to
gather data to integrate processes, and ultimately create efficiencies.
As Fulton says, “When we wrap up how multinationals are going to address all of
these issues, we really need to look at the tax process: what’s the best way of
doing all of these calculations and monitoring all these changes? What you
arrive at is how important it is to lean into technology.”
Technology solutions like Orbitax Global Minimum Tax – which integrates with
ONESOURCE Tax Provision from Thomson Reuters – is designed to manage the
changing regulations, automate the complex calculations necessary, and help
organizations create processes that are fit for purpose for this new era.
TO FIND OUT MORE ABOUT HOW GMT COULD IMPACT YOUR ORGANIZATION, AND HOW TO
MITIGATE THE RISKS, READ OUR WHITE PAPER ON PILLAR TWO.
--------------------------------------------------------------------------------
SOLUTION
Automate Pillar 2 with an integrated platform.
--------------------------------------------------------------------------------
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NAVIGATE THE CURRENT LANDSCAPE OF AI
Our latest Future of Professionals Report examines how AI technology is
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View interactive infographic
ENTERING A NEW ERA: THE FUTURE OF CORPORATE TAX MANAGEMENT
How can tax departments keep up with the demands, navigate disruptions, minimize
operational risks, and deliver more value to the company?
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RELATED POSTS
GLOBAL MINIMUM TAX (GMT): AN OVERVIEW
May 29, 2024 · 5 minute read
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WHAT ARE COUNTRIES DOING TO IMPLEMENT OECD’S BEPS PILLAR 2.0?
August 2, 2023 · 7 minute read
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HOW TO ACHIEVE GLOBAL MINIMUM TAX COMPLIANCE WITH LIMITED RESOURCES
May 12, 2023 · 5 minute read
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MORE ANSWERS
TAX DATA MANAGEMENT SOFTWARE: FOUR WAYS TO FUTURE-PROOF YOUR TAX DEPARTMENT
October 2, 2024 · 8 minute read
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VP AT EWA COMPANY EXPECTS CONTINUED MOVEMENT FOR ON-DEMAND PAY
LEGISLATION/REGULATIONS
April 23, 2024 · 6 minute read
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HOW IT BENEFITS FROM INDIRECT TAX COMPLIANCE AUTOMATION
October 23, 2024 · 5 minute read
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