New Wolters Kluwer Tool Simplifies OECD Pillar Two Compliance for North American Corporates

New Wolters Kluwer Tool Simplifies OECD Pillar Two Compliance for North American Corporates

(IN BRIEF) Wolters Kluwer has launched its CCH® Tagetik Global Minimum Tax expert solution in North America, aimed at assisting multinational companies to comply with OECD Pillar Two tax requirements. This solution streamlines data collection, alignment, calculation, and reporting processes. It addresses the need for large enterprises to meet a global minimum tax rate of 15% in all jurisdictions where they operate. The solution empowers CFOs and tax leaders to manage tax processes efficiently and guide tax strategies amidst evolving regulatory frameworks.

(PRESS RELEASE) ALPHEN AAN DEN RIJN, Netherlands, 13-Mar-2024 — /EuropaWire/ — Wolters Kluwer N.V. (AMS: WKL), a global leader in professional information, software solutions, and services, has unveiled its CCH® Tagetik Global Minimum Tax expert solution in North America. Designed to assist multinational companies based in North America, this solution streamlines the collection, alignment, calculation, and reporting of integrated financial and tax data in compliance 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 at Wolters Kluwer, emphasized the critical need for multinational companies to navigate the complex global landscape of OECD Pillar Two requirements. He stated, “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 OECD Pillar Two framework aims to establish a global minimum tax, ensuring that large, multinational enterprises pay an effective tax rate of at least 15% in every jurisdiction where they conduct business. With countries like Canada, the European Union, the United Kingdom, and Japan already implementing these requirements, multinational companies operating in these regions must address the resulting impact on their tax strategy and operational model.

Recognized as the New Product of the Year in the Business Intelligence Group’s annual BIG Awards for Business, the CCH Tagetik Global Minimum Tax expert solution empowers CFOs and tax leaders in multinational companies to:

1. Prepare for OECD Pillar Two requirements by collecting, aggregating, harmonizing, and storing the necessary data sets for complex calculations across local, group, finance, and tax consolidation.
2. Manage the tax process comprehensively by reducing the burden on tax and finance teams when reporting in accordance with the OECD Pillar Two framework. The solution streamlines processes and calculations, connecting tax to consolidation, centralizing enterprise data, and automating tasks.
3. Guide tax strategies based on the current and future impact of OECD Pillar Two reporting requirements on business models and operations.

Wolters Kluwer CCH Tagetik brings extensive expertise in supporting corporate tax needs in North America, offering solutions that facilitate end-to-end sales and use tax automation, integrated direct tax preparation processes, workflow automation, and tax research for thousands of organizations.

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.

Media contact:

Sarah Whybrow
Associate Director, External Communications
Corporate Performance & ESG
sarah.whybrow@wolterskluwer.com
+44 7855 186 173

SOURCE: Wolters Kluwer N.V.