Data is king in today’s fast-paced world of finance and tax. Yet, for many companies, the journey of data from disparate sources to financial close, tax returns, and reporting can be torturous. Data consolidation challenges, complex calculations, and reporting requirements can turn the trek into a daunting ordeal fraught with time-consuming inefficiencies and greater risk […] … Read More
Tax teams prepare tax provisions by gathering data, performing calculations, and entering the results into forms. However, corporate tax teams find it difficult to automate this process. With the help of Application Programming Interfaces (APIs), these teams can revisit their year-end workflow with an eye to making it more efficient. What are APIs and how […] … Read More
International tax planning is undergoing enormous change. By the beginning of 2024, a new Global Minimum Tax (GMT) regime will come into effect under the OECD’s base erosion and profit-sharing initiative. With these newly introduced “Pillar Two” rules, multinational companies with revenues of more than €750 million will have to pay a minimum 15% rate […] … Read More
The reality of Global Minimum Tax (GMT) (GloBE or OECD BEPS 2.0 Pillar 2) is here, as South Korea steps forward to be the first country to enact laws associated the OECD’s newly approved tax regime going into effect in January 2024. 137 countries covering 90% of the global economy signed a deal to enforce […] … Read More
Corporate tax teams are facing an array of risks, new and old, that complicate their ability to deliver an accurate and defendable tax provision within an ever-shrinking financial close window. These liabilities include new flexible work models; challenges accessing tax data and streamlining workflows; and regulatory developments, including global minimum tax, among other concerns. The […] … Read More
We presented a webinar on the theme of tax provision software; what companies are doing, and how OTP can help. We drew a contrast between high-risk, labour-intensive and inflexible ways of working, and our software, that helps to: – Eliminate unnecessary manual entry – Review faster than ever – Analyse data in seconds A recording […] … Read More