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Wolters Kluwer extends Global Minimum Tax expert solution to North America

By Delisha Fernandes

March 14, 2024

  • Fintech news
  • FinTech USA
  • Regulatory Compliance Processing
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Wolters KluwerWolters Kluwer Corporate Performance & ESG (CP & ESG), has launched its CCH® Tagetik Global Minimum Tax expert solution in North America.

The solution will support multinational companies headquartered in North America to collect, align, calculate and report integrated financial and tax data in accordance with Organisation for Economic Co-operation and Development (OECD) Pillar Two tax requirements.

Ralf Gärtner, Senior Vice President and General Manager of Corporate Performance & ESG, Wolters Kluwer, said, “There is now a critical need for multinational companies to meet and manage the complex global requirements related to OECD Pillar Two. We are committed to continuous development of innovative and integrated technologies to support the office of the CFO. Our new Global Minimum Tax expert solution enables CFOs and tax leaders to collect, aggregate and analyze fragmented data and supports the end-to-end tax process, providing vital insights for tax strategy planning.”

The goal of the OECD Pillar Two framework is to create a global minimum tax, with large, multinational enterprises paying, at minimum, an effective tax rate of 15% in every jurisdiction in which they do business. Significant global economies including Canada, the European Union, the United Kingdom and Japan have already announced that they are implementing the OECD Pillar Two requirements. This means multinational companies operating in these jurisdictions will now need to consider and address the resulting impact on their tax strategy and operating model.

The CCH Tagetik Global Minimum Tax expert solution was named New Product of the Year in the Business Intelligence Group’s annual BIG Awards for Business. Now extended to North America, the solution empowers CFOs and tax leaders in multinational companies to get ahead of and support OECD Pillar Two requirements by collecting, aggregating, harmonizing, and storing the new data sets required to perform complex calculations across local, group, finance, and tax consolidation. It also help companies manage the tax process end-to-end, by aiming at reducing the burden that tax and finance teams face when reporting in accordance with the OECD Pillar Two framework.

The solution takes a top-down approach by connecting tax to consolidation, centralizing enterprise data, and automating processes and calculations to facilitate the compliance process. The solution also helps companies guide their tax strategies around the current and future impact that OECD Pillar Two reporting requirements will have on their business models and operations.

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