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Cross-border Tax Talks

April 29, 2024

Pillar Two Data Strategy: Play ball!!!

Doug McHoney (PwC's US International Tax Services Global Leader) is with Anthony Sciarra, a Principal in PwC’s Tax Reporting and Strategy Practice and the Global Pillar Two Data Strategy leader, to discuss the importance of a Pillar Two Data Strategy. Doug and Anthony detail what taxpayers should be doing today to stay ahead of Pillar Two’s complexity, specifically highlighting: data sourcing, data forecasting, qualifying for the CbC Transitional Safe Harbor, considerations for both an insourcing & outsourcing model, existing technology solutions, and the importance of a centralized rules calculation.

Timestamps:

  • 1:30 - Why does Anthony love baseball? 
  • 3:30 - Where are taxpayers focusing now that PillarTwo is here?  
  • 6:15 - What are the approaches taxpayers are taking when it comes to data?
  • 8:00 - How do taxpayers estimate their data?
  • 10:00 - What should taxpayers be doing beyond Q1? 
  • 14:30 - What process should taxpayers undertake to qualify for the transitional safe harbor?
  • 18:30 - Given the safe harbor is only a three-year transition and can be burdensome should taxpayers instead just make the investment into the full GloBE calculation?
  • 21:00 - Where does the data generally sit in an organization? 
  • 23:30 - Once you have sourced the data, what are the next steps in the overall Pillar Two process? 
  • 26:30 - How should taxpayers think about their technology infrastructure when it comes to Pillar Two?
  • 30:00 - What about companies that are undertaking a broader ERP implementation, what are the Pillar Two considerations?
  • 31:00 - What are the considerations for taxpayers when thinking about an internal or external approach to Pillar Two data readiness?
  • 36:00 - How important is it to have a centralized approach to a Pillar Two calculation? 
  • 39:00 - What are taxpayers saying about the uncertainty of filing Pillar Two returns?
  • 41:30 - What advice does Anthony have when choosing a calculation engine?

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Speakers

Doug McHoney

Principal, Quantitative Solutions and Technology, International Tax Services Global Leader, PwC US

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Anthony Sciarra

Principal, Tax Reporting & Strategy, Pillar Two Data Strategy Global Leader, PwC US

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Doug McHoney

Doug McHoney

Principal, Quantitative Solutions and Technology, International Tax Services Global Leader, PwC US

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Geoff Jacobi

Geoff Jacobi

ITS, Knowledge Management Managing Director, PwC US

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