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Pillar 2 has been ratified by the governments of more than 100 countries, so U.S. multinationals are likely to deal with its effects in many places.

We round-up the progress on implementation in a selection of leading economies worldwide. We also look at the impact on businesses, likely go live timings and what could potentially delay or derail the process.

Guidance on safe harbours and penalty relief; Public consultation document on the Global Anti-Base Erosion (GloBE) information return; and Public consultation document on tax certainty for the GloBE Rules, released as part of the OECD long-anticipated implementation package for Pillar 2.

Given the need to find out how much the tax bill could rise under Pillar 2 and with the compliance demands likely to put systems under severe strain, the case for getting preparations underway is compelling.

Five actions businesses can take now to ease the path to implementation, avoid needless upheaval and strengthen competitiveness ahead.

So why is Pillar 2 so strategically critical and how can businesses turn a potential challenge into a source of competitive advantage?

Delays in legislation and implementation of OECD Pillar 2 may encourage some businesses to put preparations for this tax shake-up on the backburner. But the heightened uncertainty created by these delays makes adapting now even more important than before. Pillar 2 can be a catalyst for change if it is built into transformation plans from the outset. Those with the confidence, agility and knowhow to build the operational and business model changes required by Pillar 2 into the wider strategy of their business will increase resilience and minimise disruption when the inevitable does happen. In short, acting today will make tomorrow easier and increase competitive advantage.

We explore the political reaction to the rules, current views on implementation timelines, some complexities we see in applying these rules practically, and what businesses can do now to get ready for the introduction of Pillar 2.

The OECD released the highly anticipated Pillar Two Model rules to provide a framework for implementing a 15% minimum tax referred to as the Global anti-Base Erosion or GloBE tax.

Pillar 1 sets up a framework for signatories to tax online sales for multinationals while Pillar 2 holds those countries to impose a minimum 15% tax on corporations.

Businesses are seeing rising challenges, and finance heads are dealing with a range of new measures. To say the next 12 months are critical for businesses is an understatement.

BEPS Action 13 (Transfer Pricing Documentation and Country-by-Country Reporting) was never going to be a narrow or straightforward compliance exercise. Are you seeing the big strategic picture?

So what does the MLI really mean for your business? And how can you make sure you’re ready for the changes ahead?

If one word defines today’s new and unfamiliar tax landscape it would most likely be ‘transparency’. How will your business steer through the risks of total tax transparency?

What aspects of BEPS have been most successful in winning government support, gaining an international consensus and delivering on their objectives? What aspects remain work in progress?

Across a number of countries, the way internationally mobile employees are taxed is being shaken-up. This follows the G20/OECD-led Base Erosion and Profit Shifting (BEPS) Action Plan recommendations set out earlier this year.