FEATURE
outsourcing other elements to external specialist providers . This will involve the adjustment of legacy processes and technologies to assure co-ordinated engagements internally and externally and a reassessment of how in-house tax and finance resources are utilised .
So , in addition to assessing the feasibility of their current systems to effectively manage an increasingly complex set of granular and detailed data requirements , tax teams will need a much more detailed understanding of the end-to-end consolidated financial statement reporting process and accounting processes . In order to correctly perform Pillar Two tax calculations , therefore , they will need to work hand in glove with the finance function .
Preparing for Pillar Two : Initiating a holistic approach to tax
The right systems and enhanced collaboration are critical to delivering Pillar Two demands on time and in the most efficient way possible . By initiating a single unified platform , organisations will be able to create a cohesive ecosystem where the process of data gathering , and validation is automated , and data from multiple data sources can be pulled together . This approach will significantly reduce the complexity associated with such activity , while enabling the end-to-end collaboration between different teams and geographic locations that will be needed .
Organisations that employ this type of innovative approach will have the right data and technology infrastructure in place to ensure that their tax teams can meet the Pillar Two enterprise-wide challenge head on . What ’ s more , they ’ ll be future-proofing their tax reporting systems and operating models for whatever subsequent demands may follow . �
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