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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.
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.
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.
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.
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.
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
The accounting of share-based payments remains not well understood and this is evidenced by a number of Interpretations and agenda decisions being issued by the IFRS Interpretations Committee (IFRIC).
Green House Gas (GHG) emissions are classified into categories of Scope 1, Scope 2 or Scope 3. This is a way of grouping emissions between those created by the company and those created by its wider value chain.