Cross-border Tax Talks

Pillar Two Readiness: Complex data and complex challenges

Doug McHoney (PwC's US International Tax Services Global Leader) is back in Westminster Studios with Kate Miller, a Director in PwC’s Tax Reporting and Strategy Practice. Doug and Kate discuss what is meant by Pillar Two operational readiness and PwC’s Data Input Catalog, including the data requirements, the necessity of resources, the Data Input Catalog, safe harbours, ERP and enterprise systems, the importance of working as a team, how software tools can help, and the power of a centralized rules engine.

PwC’s Data Input Catalog

Timestamps:

• 1:15 - Kate started her career in public accounting before moving to PwC, what did she learn from her industry experience?
• 3:15 - What is operational readiness?
• 7:00 - Where have companies been focused with regard to data and Pillar Two?
• 8:45 - Where is Pillar Two data actually found?
• 13:00 - What are the benefits of conducting a data analysis in conjunction with running calculations and modeling the impacts of Pillar Two?
• 17:40 - How can companies leverage the Data Input Catalog to prepare for Pillar Two?
• 20:15 - Who does Kate think will take ownership of the Pillar Two calculation?
• 22:00 - Are there any trends as to how resources are being allocated for Pillar Two?
• 25:00 - What are the operational considerations when qualifying for the Country by Country Reporting (CbCR )Safe Harbours?
• 29:10 - What should companies be thinking about with respect to ERP systems?
• 31:35 - What happens if your ERP system is not giving you data in the needed form?
• 35:00 - How can technology solutions enable the Pillar Two process, versus the power of a calculation engine?
• 37:15 - What advice does Kate have for companies to be more successful when preparing for Pillar Two?

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