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The system will help multinational companies manage the evolving reporting requirements, according to the firm.
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Wolters Kluwer product helps tackle OECD Pillar 2 reporting
11 July 2023
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9 minute read
Wolters Kluwer has launched a system it says will help multinational firms meet the evolving reporting requirements set out by the Organisation for Economic Co-operation and Development (OECD).
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The firm said its product, CCH Integrator BEPS Pillar Two, can assist in managing the reporting necessities set out under the OECD’s Pillar Two global minimum tax initiative.
Wolters Kluwer said the tool will allow multinational firms to make timely adjustments to be ready with the new requirements, streamline and simplify the processing of substantial datasets and enable them to follow the increasingly sophisticated tax compliance landscape.
Managing director of Wolters Kluwer Tax and Accounting Asia-Pacific, Izzy Silva, said the product was just the start of the firm’s development of tools to assist businesses impacted by the evolving reporting requirements landscape.
“We are thrilled to launch our latest module of the CCH Integrator global tax management platform,” said Mr Silva.
“Our client-centric approach, deep tax domain knowledge, and industry-leading technologies allow us to rapidly deliver the BEPS Pillar Two product to our customers, and we will continue to lead the way in supporting businesses with flexibility, efficiency, and consistency as they navigate the complexities and challenges of their broader tax landscape.”
“What we have today is just the beginning with more on our pillar two roadmap to come.”
Wolters Kluwer said key functionalities of the CCH Integrator BEPS Pillar Two solution included:
- Configurable design ethos – it can accommodate rapid changes in direct tax calculations of individual global group structures while ensuring standalone jurisdictional reporting and global calculations could exist simultaneously.
- Country-by-country reporting – the reporting and global tax provision modules can provide end-to-end management of pillar two requirements, interconnecting tax processes with data and reporting needs of pillar two.
- Single source of truth on cloud – it centrally stores all historical and current tax and financial data to facilitate complete and accurate calculations and reporting for pillar two.
- Automated data collection – it could help streamline the collection process of massive datasets from multiple sources.
- Templated pillar two calculation and schedules – it could assist in efficiently providing precise reporting, eliminating data integrity challenges and manual management of pillar two calculations.
Wolters Kluwer said the CCH Integrator BEPS Pillar Two is a response to the need multinational companies had due to the challenges posed by cross-border taxation and the increasingly complex reporting obligations.
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