tax.thomsonreuters.com
Open in
urlscan Pro
2600:9000:2490:d200:1b:b66f:bac0:93a1
Public Scan
URL:
https://tax.thomsonreuters.com/blog/the-future-of-global-minimum-tax-what-to-expect-in-2024/
Submission: On November 29 via api from US — Scanned from DE
Submission: On November 29 via api from US — Scanned from DE
Form analysis 1 forms found in the DOM
<form inert="" class="_hj-hRovs__styles__form">
<div class="_hj-c8PC+__styles__surveyBody" style="min-height: 82px;">
<h2 class="_hj-S9XKO__styles__surveyTitle " id="hj-survey-lbl-1" aria-label="How would you rate your experience? Select an option from 1 to 5, with 1 being Hate and 5 being Love">How would you rate your experience?</h2>
<div class="_hj-E2-N0__styles__surveyAnswers">
<div class="css-vopqjt">
<div aria-labelledby="hj-survey-lbl-1" role="radiogroup" class="css-1a0x1zp">
<div class="css-u2ayx9"><label class="css-1aokw2q"><input type="radio" name="29510176-dd5a-45c4-a096-2faa2f225820" aria-label="1" aria-describedby="hj-surveys-scale-option-label-0-8f419018-ae47-4493-9ba4-609d3182caf6" class="css-3bml7r">
<div class="css-xrn97w"><svg xmlns="http://www.w3.org/2000/svg" width="40" height="40" fill="none">
<path d="M36.3 2.5h-35a1.2 1.2 0 0 0-1 2.1L5 9.3v22A3.8 3.8 0 0 0 8.8 35h27.5a3.7 3.7 0 0 0 3.7-3.7v-25a3.8 3.8 0 0 0-3.7-3.8Z" fill="#FFC107"></path>
<path
d="M22.5 22.5a5 5 0 0 1 5 4A1.3 1.3 0 1 0 30 26a7.7 7.7 0 0 0-15 0 1.3 1.3 0 1 0 2.5.5c0-.2.9-4 5-4ZM16.3 18.1a1.9 1.9 0 1 0 0-3.7 1.9 1.9 0 0 0 0 3.7ZM28.7 18.1a1.9 1.9 0 1 0 0-3.7 1.9 1.9 0 0 0 0 3.7ZM32.4 8.2a1.3 1.3 0 0 0-1.7-.6l-5 2.5a1.3 1.3 0 1 0 1.1 2.3l5-2.5a1.3 1.3 0 0 0 .6-1.7ZM18.8 12.5a1.3 1.3 0 0 0 .5-2.4l-5-2.5a1.3 1.3 0 1 0-1.1 2.3l5 2.5.6.1Z"
fill="#000"></path>
<defs>
<clipPath id="a">
<path fill="#fff" d="M0 0h40v40H0z"></path>
</clipPath>
</defs>
</svg></div>
</label><label class="css-1aokw2q"><input type="radio" name="29510176-dd5a-45c4-a096-2faa2f225820" aria-label="2" aria-describedby="" class="css-3bml7r">
<div class="css-xrn97w"><svg xmlns="http://www.w3.org/2000/svg" width="40" height="40" fill="none">
<path d="M36.2 2.5h-35a1.3 1.3 0 0 0-.8 2.1L5 9.3v22A3.7 3.7 0 0 0 8.7 35h27.5a3.8 3.8 0 0 0 3.8-3.8v-25a3.8 3.8 0 0 0-3.8-3.7Z" fill="#FFC107"></path>
<path d="M22.5 22.5a5 5 0 0 0-5 4A1.3 1.3 0 1 1 15 26a7.6 7.6 0 0 1 7.5-6 7.6 7.6 0 0 1 7.5 6 1.3 1.3 0 1 1-2.5.5c0-.2-.8-4-5-4ZM16.3 15.6a1.9 1.9 0 1 0 0-3.7 1.9 1.9 0 0 0 0 3.7ZM28.8 15.6a1.9 1.9 0 1 0 0-3.7 1.9 1.9 0 0 0 0 3.7Z"
fill="#000"></path>
<defs>
<clipPath id="a">
<path fill="#fff" d="M0 0h40v40H0z"></path>
</clipPath>
</defs>
</svg></div>
</label><label class="css-1aokw2q"><input type="radio" name="29510176-dd5a-45c4-a096-2faa2f225820" aria-label="3" aria-describedby="" class="css-3bml7r">
<div class="css-xrn97w"><svg xmlns="http://www.w3.org/2000/svg" width="40" height="40" fill="none">
<path
d="M36.3 2.5h-35A1.3 1.3 0 0 0 0 4c0 .2.2.5.4.6L5 9.3v22A3.8 3.8 0 0 0 8.8 35h27.5a3.7 3.7 0 0 0 3.7-3.7v-25a3.7 3.7 0 0 0-3.7-3.8Zm-20 20h12.5a1.2 1.2 0 1 1 0 2.5H16.3a1.2 1.2 0 1 1 0-2.5Zm-2-8.7a1.9 1.9 0 1 1 3.8 0 1.9 1.9 0 0 1-3.7 0Zm14.5 1.8a1.9 1.9 0 1 1 0-3.7 1.9 1.9 0 0 1 0 3.7Z"
fill="#FFC107"></path>
<path d="M16.3 15.6a1.9 1.9 0 1 0 0-3.7 1.9 1.9 0 0 0 0 3.7ZM28.7 15.6a1.9 1.9 0 1 0 0-3.7 1.9 1.9 0 0 0 0 3.7ZM16.2 25h12.5a1.3 1.3 0 0 0 0-2.5H16.2a1.3 1.3 0 0 0 0 2.5Z" fill="#000"></path>
<defs>
<clipPath id="a">
<path fill="#fff" d="M0 0h40v40H0z"></path>
</clipPath>
</defs>
</svg></div>
</label><label class="css-1aokw2q"><input type="radio" name="29510176-dd5a-45c4-a096-2faa2f225820" aria-label="4" aria-describedby="" class="css-3bml7r">
<div class="css-xrn97w"><svg xmlns="http://www.w3.org/2000/svg" width="40" height="40" fill="none">
<path d="M36.2 2.5h-35c-.5 0-1 .3-1 .8-.3.5-.2 1 .2 1.3L5 9.3v22c0 2 1.6 3.7 3.7 3.7h27.5c2.2 0 3.8-1.6 3.8-3.7v-25c0-2.2-1.6-3.8-3.8-3.8Z" fill="#FFC107"></path>
<path
d="M16 20c.6-.1 1.4.3 1.5 1a5 5 0 0 0 5 4 5 5 0 0 0 5-4c.1-.7.8-1.1 1.5-1 .8.1 1.1.8 1 1.5a7.6 7.6 0 0 1-9.1 5.9c-3-.6-5.3-3-5.9-5.9-.1-.6.3-1.4 1-1.5ZM16.3 15.6a1.9 1.9 0 1 0 0-3.7 1.9 1.9 0 0 0 0 3.7ZM28.7 15.6a1.9 1.9 0 1 0 0-3.7 1.9 1.9 0 0 0 0 3.7Z"
fill="#000"></path>
<defs>
<clipPath id="a">
<path fill="#fff" d="M0 0h40v40H0z"></path>
</clipPath>
</defs>
</svg></div>
</label><label class="css-1aokw2q"><input type="radio" name="29510176-dd5a-45c4-a096-2faa2f225820" aria-label="5" aria-describedby="hj-surveys-scale-option-label-1-2ec92f3c-95e6-4d52-9177-befa9ef4679d" class="css-3bml7r">
<div class="css-xrn97w"><svg xmlns="http://www.w3.org/2000/svg" width="40" height="40" fill="none">
<path d="M36.2 2.5h-35c-.5 0-1 .3-1 .8-.3.5-.2 1 .2 1.3L5 9.3v22c0 2 1.6 3.7 3.7 3.7h27.5c2.2 0 3.8-1.6 3.8-3.7v-25c0-2.2-1.6-3.8-3.8-3.8Z" fill="#FFC107"></path>
<path
d="M18.8 10.6c-1-.8-2.3-.8-3.2 0l-.6.7-.6-.7c-.9-.8-2.3-.8-3.1 0-1 .9-1 2.3 0 3.2l3.7 3.7 3.8-3.8c.8-.8.8-2.2 0-3ZM30.6 10.6l-.6.7-.6-.7c-.9-.8-2.3-.8-3.2 0-.8.9-.8 2.3 0 3.2l3.8 3.7 3.7-3.8c1-.8 1-2.2 0-3-.8-1-2.2-1-3 0ZM22.4 27.5c5 0 7.5-4.4 7.5-6 0-.4 0-.6-.3-1-.2-.4-.6-.5-1-.5H16.2c-.3 0-.7.1-1 .5-.2.4-.2.6-.2 1 0 1.6 2.5 6 7.4 6Z"
fill="#000"></path>
<defs>
<clipPath id="a">
<path fill="#fff" d="M0 0h40v40H0z"></path>
</clipPath>
</defs>
</svg></div>
</label></div>
<div class="css-10fm8f7"><span id="hj-surveys-scale-option-label-0-8f419018-ae47-4493-9ba4-609d3182caf6" aria-label="Hate" title="Hate" class="css-pvg7am">Hate</span><span
id="hj-surveys-scale-option-label-1-2ec92f3c-95e6-4d52-9177-befa9ef4679d" aria-label="Love" title="Love" class="css-twtry4">Love</span></div>
</div>
</div>
</div>
</div>
<div class="_hj-XpAaA__styles__surveyFooter">
<div class="_hj-8Lgv6__styles__surveyActions"><button type="button" data-qa-id="next feedback button" disabled="" class="_hj-81Zzt__styles__surveyActionButton _hj-O-7CS__styles__surveysPrimaryButton _hj-SU8LU__styles__primaryButton">Next</button>
</div>
</div>
</form>Text Content
Skip to content
* Global directoryGlobal directory
* ContactContact
* Contact us
* Log inLog in
* Cart (0)
Thomson Reuters
TAX & ACCOUNTING
Clear
SearchLoading
* Our solutions
Our solutions
* For accounting firms
* For corporations
* For governments
All products
For accounting firms
CATEGORIES
* Audit & accounting
* Tax
* Firm & workflow management
* Document management
* Payroll
* CPE & learning
* More for accounting firms
RELATED BRANDS
* CS Professional Suite Integrated software and services for tax and
accounting professionals.
* Onvio A cloud-based tax and accounting software suite that offers
real-time collaboration.
* Checkpoint Comprehensive research, news, insight, productivity tools, and
more.
* Explore all brands
Feature
FIND THE RIGHT SOLUTION FOR YOUR UNIQUE NEEDS
Try our solution finder tool for a tailored set of products and services.
Find my solution
For corporations
CATEGORIES
* Indirect tax
* Corporate income tax
* Accounting & financial reporting
* Global trade & customs
* Transfer pricing
* Benefits & healthcare
* More for corporations
RELATED BRANDS
* ONESOURCE Corporate technology solutions for global tax compliance and
decision making.
* Checkpoint Comprehensive research, news, insight, productivity tools, and
more.
* Explore all brands
Feature
FIND THE RIGHT SOLUTION FOR YOUR UNIQUE NEEDS
Try our solution finder tool for a tailored set of products and services.
Find my solution
For governments
CATEGORIES
* Tax
* Audit
* More for governments
RELATED BRANDS
* Checkpoint Comprehensive research, news, insight, productivity tools, and
more.
* Explore all brands
Feature
FIND THE RIGHT SOLUTION FOR YOUR UNIQUE NEEDS
Try our solution finder tool for a tailored set of products and services.
Find my solution
* Insights
Insights
BROWSE BY TYPE
* Blog
* News
* Events & webinars
* Browse all types
BROWSE BY TOPIC
* Advisory services
* Auditing
* BEPS
* Indirect tax
Featured
COVID-19 RESOURCES
Tax and accounting firm updates
Learn more
* Support center
Support center
SUPPORT & TRAINING
* Aumentum
* Checkpoint
* CS Professional Suite
* ONESOURCE
* Onvio
* Digita
COMMUNITY
TAX & ACCOUNTING COMMUNITY
Your online resource to get answers to your product and industry questions.
Connect with other professionals in a trusted, secure, environment open to
Thomson Reuters customers only.
Connect with the community
* Store
Store
SHOP BY PRACTICE AREA
* Audit & accounting
* Business valuation & consulting
* Finance
* International trade
* Payroll
* Pension & benefits
* Practice management
* Tax
* Visit our store
SHOP BY BRAND
* Checkpoint
* Boskage
* EBIA
* PPC
* Quickfinder
* RIA
* WG&L
FEATURED
QUICKFINDER BUNDLES
The more you buy, the more you save with our quantity discount pricing.
Shop all bundles
Global Minimum Tax
THE FUTURE OF GLOBAL MINIMUM TAX: WHAT TO EXPECT IN 2024
Thomson Reuters Tax & Accounting
January 9, 2024 · 5 minute read
Share
* Facebook
* Twitter
* Linkedin
* Email
Thomson Reuters Tax & Accounting
January 9, 2024 · 5 minute read
Share
* Facebook
* Twitter
* Linkedin
* Email
Jump to:
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.
--------------------------------------------------------------------------------
* Facebook
* Twitter
* Linkedin
* Email
* Corporate Tax
* Global Minimum Tax
* ONESOURCE
NAVIGATE THE CURRENT LANDSCAPE OF AI
Our latest Future of Professionals Report examines how AI technology is
transforming professional work, highlighting key findings and recommendations.
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?
Read white paper
ONESOURCE
Corporate tax software and services for seamless tax and trade compliance for
companies and large accounting firms around the globe
Learn more
RELATED POSTS
GLOBAL MINIMUM TAX (GMT): AN OVERVIEW
May 29, 2024 · 5 minute read
Share
* Facebook
* Twitter
* Linkedin
* Email
WHAT ARE COUNTRIES DOING TO IMPLEMENT OECD’S BEPS PILLAR 2.0?
August 2, 2023 · 7 minute read
Share
* Facebook
* Twitter
* Linkedin
* Email
HOW TO ACHIEVE GLOBAL MINIMUM TAX COMPLIANCE WITH LIMITED RESOURCES
May 12, 2023 · 5 minute read
Share
* Facebook
* Twitter
* Linkedin
* Email
MORE ANSWERS
HOW TO NAVIGATE ACCOUNTING ASSUMPTIONS
February 8, 2024 · 7 minute read
Share
* Facebook
* Twitter
* Linkedin
* Email
MANAGING SUPPLY CHAIN ISSUES AND MITIGATING RISK
January 19, 2024 · 5 minute read
Share
* Facebook
* Twitter
* Linkedin
* Email
CFPB’S PROPOSED EWA RULE SPARKS DEBATE
October 15, 2024 · 6 minute read
Share
* Facebook
* Twitter
* Linkedin
* Email
Clear
SearchLoading
* Products & services
* For accounting firms
* For corporations
* For governments
* Explore our brands
* All products
* Resources
* Insights
* Community
* Social media
* Press releases
* Useful links
* About us
* Contact us
* Your accounts
* Careers
* Shop
* Store
* Store FAQ
* Payment, shipping, and returns
Thomson Reuters
* Cookie policy
* Cookies Settings
* Terms of use
* Privacy statement
* For CA: Do not sell my information
* Sitemap
* ©2019 Thomson Reuters/Tax & Accounting
Feedback
HOW WOULD YOU RATE YOUR EXPERIENCE?
HateLove
Next
OUR PRIVACY STATEMENT AND COOKIE POLICY
All Thomson Reuters websites use cookies to improve your online experience,
serve personalized ads or content, and analyze our traffic. You may manage your
choices through Cookie Settings.
Privacy Statement Cookie Policy
Cookies Settings Reject All Cookies Accept All Cookies
PRIVACY PREFERENCE CENTER
When you visit any website, it may store or retrieve information on your
browser, mostly in the form of cookies. This information might be about you,
your preferences or your device and is mostly used to make the site work as you
expect it to. The information does not usually directly identify you, but it can
give you a more personalized web experience. Because we respect your right to
privacy, you can choose not to allow some types of cookies. Click on the
different category headings to find out more and change our default settings.
However, blocking some types of cookies may impact your experience of the site
and the services we are able to offer.
More information
Allow All
MANAGE CONSENT PREFERENCES
STRICTLY NECESSARY COOKIES
Always Active
These cookies are necessary for the website to function and cannot be switched
off in our systems. They are usually only set in response to actions made by you
which amount to a request for services, such as setting your privacy
preferences, logging in or filling in forms. You can set your browser to
block or alert you about these cookies, but some parts of the site will not then
work. These cookies do not store any personally identifiable information.
PERFORMANCE COOKIES
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and
improve the performance of our site. They help us to know which pages are the
most and least popular and see how visitors move around the site. All
information these cookies collect is aggregated and therefore anonymous. If you
do not allow these cookies we will not know when you have visited our site, and
will not be able to monitor its performance.
FUNCTIONAL COOKIES
Functional Cookies
These cookies enable the website to provide enhanced functionality and
personalisation. They may be set by us or by third party providers whose
services we have added to our pages. If you do not allow these cookies then
some or all of these services may not function properly.
TARGETING COOKIES
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may
be used by those companies to build a profile of your interests and show you
relevant adverts on other sites. They do not store directly personal
information, but are based on uniquely identifying your browser and internet
device. If you do not allow these cookies, you will experience less targeted
advertising.
Back Button
COOKIE LIST
Search Icon
Filter Icon
Clear
checkbox label label
Apply Cancel
Consent Leg.Interest
checkbox label label
checkbox label label
checkbox label label
Reject All Confirm My Choices