Cross-border Tax Talks

In the Clouds: Pillar 2 Operational Readiness

Doug McHoney (PwC's International Tax Services Global Leader) is joined in Washington D.C. by Dom Megna, Tax Partner and leader of PwC’s US Tax Reporting and Strategy practice. They discuss the latest on Pillar Two developments, GAAP considerations, Enterprise Resource Planning Systems, the Cloud, the future of data collection, and more.

Timestamps:

• 2:00 - Why is it particularly important to include Tax when companies move their Enterprise Resource Planning (ERP) Systems to the Cloud?
• 5:50 - Has Tax historically been involved in a company's ERP strategy?
• 8:00 - Taxpayers are going to need a whole new set of data to comply with Pillar Two. For US GAAP taxpayers, they effectively need to have US GAAP financial statements by constituent entities. How easy is that?
• 12:00 - We spend a lot of time discussing who the right people are to be at the table. What suggestions does Dom have for taxpayers when putting together your reporting team?
• 15:30 - What challenges are tax departments facing as varying jurisdictions begin to enact Pillar Two legislation?
• 23:15 - How do US MNC’s deconsolidate their data to meet their requirements of Pillar Two?
• 30:15 - One of the other challenges that we’ve had with data collection is trying to unpack inter-company transactions that might not have been historically scrutinized from an accounting perspective.
• 32:15 - The available ERP systems have a lot of different capabilities. What is the right starting point when choosing one?
• 36:00 - What should taxpayers be doing right now to get ready for Pillar Two?

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