Albert Lee’s Post

Global and Asia Pacific Leader - Tax Technology and Transformation

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BEPS is complicated, implementing BEPS even more so. I recently had the pleasure of catching up with Brian Foley and Matt Andrew to discuss implementation considerations. #BEPS #EYTaxTech Agnes Fok Caroline Wright Chester Wee Andrew Loh Tony Merlo

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Beps is complicated. And I've recently had the pleasure of spending some time with our global tax accounting leader and our Asia Pacific Peps leader. And this is what they had to say. So peeps is in my view more of a data exercise than anything else. And what I mean by that is a lot about clients are not going to even pay top up tax, but they're compliance requirements around data are extremely onerous. And and it's my view that most governments are thinking about Bips in the context of what extra data can they get is an amazing opportunity for them to collect data which is financial, it's tax. Other types of data, which gives them incredible insights from a multinational perspective that creates some very, very significant challenges in terms of having to take data and reuse data for different things, CBCR, financial statements, tax returns, G IRQ, DMT, repackaging data in multiple different ways. Pillar two puts great emphasis on the reliability and the accessibility and the completeness and accuracy of data in ways that we haven't been stretched previously as tax professionals. The data sources are going to be different and the data requirements are going to be different for forecasting, for estimated payments, for group recording on an interim basis and year end basis, for statutory reporting and then ultimately. Of compliance, but let's not also forget planning, forecasting, modeling, all of those traditional tax needs are still going to be requirements here in this new regime as well. Much of that journey is going to be driven by the emerging technologies under artificial intelligence and the capabilities that AI will introduce to the reporting requirements within tax. And so for me, data and data management is critical. Not just for the government, but for compliance from a multinational perspective and maybe even making use of the state to better understand their operations, to better understand their subsidiary. So there's some real benefits by doing this and spending some time effort to to repackage and build data warehouses, which is going to make it much, much easier in the future for multinationals to reply and reuse the reuse that data over and over again.

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Thanks to Albert Lee for the opportunity to share thoughts on BEPS global minimum tax implementation. Successful implementation will require developing risk-based solutions to address all reporting dimensions impacted by global minimum tax - forecasting, estimated payments, interim and year-end group and statutory tax provision, as well as CbCR, transitional safe harbor and GloBE compliance. Technology is an important element to achieving success but resolving data gaps and implementing new processes and workflow are critical to sustainable reporting. Contact me or any of my Tax Accounting Risk Advisory Services colleagues for EY's latest insights and assistance on your BEPS implementation journey. #eytax #beps #pillartwo #taxaccounting

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Albert Lee

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