Pillar Two framework mandates a 15% global minimum tax on the earnings of multinational enterprises with consolidated revenues exceeding €750 million.
PwC today announced a new data processing solution that will help joint Workday and PwC clients navigate the complexities introduced by the OECD’s new global minimum tax framework, Pillar Two. The Pillar Two framework, prompts global enterprises to establish new data processes to prepare and plan for the complexities and reporting and compliance requirements.
PwC’s Pillar Two data processing solution is designed to seamlessly integrate with Workday Financial ManagementOpens in a new window and Workday Human Capital Management (HCM)Opens in a new window to enable Workday customers to efficiently gather, organise, and catalogue required Pillar Two data points – helping companies maximise the value of their Workday implementations. Additionally, the analytics and reporting from Workday ExtendOpens in a new window and Workday PrismOpens in a new window will provide enhanced capabilities for tax reporting dashboards, allowing organisations to gather and report necessary data.
By simplifying data gathering and storage, the solution enables a repeatable process for ongoing calculations, reducing the need for manual intervention, yet recognising the unique needs of each client. This functionality will allow customers to seamlessly feed their data from Workday into either PwC’s Pillar Two Engine or other Pillar Two calculation models.
“PwC recognises the pivotal importance of synthesising, organising, and storing data for multinational corporations as they gear up for the intricate challenges of Pillar Two. That's why we're thrilled to partner with Workday in creating additional value for their customers, bringing together cutting-edge technology and industry expertise.”
Doug McHoney,International Tax Services Global Leader, PwC US“The new requirements introduced in Pillar Two can be difficult to navigate and ensure your organisation has the data they need to meet compliance requirements. We’re excited to join forces with PwC to meet the needs of our customers in this increasingly complex tax reporting environment.”
Andrew Kershaw,General Manager, Workday Financial ManagementThe PwC Pillar Two Data Processing Solution is expected to be available in the coming quarter. PwC is ready to support you in your Pillar Two data journey.
For more information about PwC's Pillar Two solutions, please contact Shaun Green.
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The two organisations will focus on delivering a modern and flexible tax compliance solution to meet the challenges presented by an increasingly complex, data-driven global tax reporting and regulatory environment.
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