PwC has introduced a cutting-edge data processing solution aimed at aiding Workday clients in managing the challenges brought by Pillar Two, the new global minimum tax.
Pillar Two
The Organisation for Economic Co-operation and Development’s Pillar Two establishes a 15% global minimum tax on the profits of multinational organisations with revenues exceeding €750 million. The Pillar Two rules compel businesses to adapt systems, technology, processes, governance and controls to meet evolving data requirements and new reporting and compliance obligations.
How PwC can help
- Smooth Integration with Workday Systems
- Enhanced Data Collection and Reporting
- Getting ready for Pillar Two
Smooth Integration with Workday Systems
PwC’s solution works seamlessly with Workday’s Financial Management and Human Capital Management systems. This integration streamlines the gathering, organisation, and cataloguing of Pillar Two data within Workday prism, maximising the utility of Workday solutions.
Enhanced Data Collection and Reporting
The new solution simplifies data collection and storage, enabling an efficient process for ongoing Pillar Two tax calculations and minimising the need for manual intervention. This allows Workday clients to easily transfer their data into PwC’s Pillar Two Engine or other calculation models, ensuring accurate and timely compliance.
Additionally, Workday analytics and reporting tools will enhance tax reporting capabilities, providing organisations with the ability to gather required data promptly.
Getting ready for Pillar Two
To ensure readiness for Pillar Two, leaders should focus on:
People: Identify key stakeholders and establish regular touchpoints.
Data Strategy: Develop a robust data strategy to sustain Pillar Two reporting and compliance requirements.
Technology: Evaluate existing and new technology needed to execute on Pillar Two requirements
Process: Review and establish a global process for structuring, forecasting, reporting and compliance
Blog
The best approach to Pillar Two? CIO and CFO collaboration
Press release
PwC leverages Workday to help customers unlock Pillar Two data processing capabilities
Insights and Additional Resources
To assist in your Pillar Two journey, PwC offers a range of resources and insights designed to provide comprehensive guidance and support exploring the following sections for valuable information.
