Wolters Kluwer CCH® Tagetik Launches New Solution to Help Multinational Companies Prepare for 2024 OECD Pillar Two Reporting Requirements

Rhea-AI Summary

Wolters Kluwer has introduced the CCH Tagetik Global Minimum Tax solution to aid multinational companies in complying with the OECD Pillar Two regulations requiring a global minimum tax rate of 15% in 2024. This solution addresses the challenges of managing immense finance and tax data while ensuring compliance with new reporting obligations. It provides enhanced data management, automates tax processes, and aids CFOs in strategic planning through what-if analyses. With over 140 countries implementing these changes, the solution is vital for efficient tax strategy and corporate profitability.

Positive

• Launch of CCH Tagetik Global Minimum Tax solution to assist compliance with OECD regulations.
• Enhances data management and automates tax processes for multinational companies.
• Supports CFOs in strategic planning with what-if analyses for business decisions.

Negative

• None.

CCH® Tagetik Global Minimum Tax expert solution equips CFOs to confidently navigate Pillar Two’s complex data challenges, new workflows, and tight deadlines

NEW YORK--(BUSINESS WIRE)-- Wolters Kluwer, a global leader in professional information, software solutions and services, today launched a new CCH Tagetik expert solution that will help multinational companies collect, align, calculate and report integrated finance and tax data in accordance with Organisation for Economic Co-operation and Development (OECD) Pillar Two tax requirements. The solution will also help CFOs better understand how Pillar Two regulations will impact their business model and operations.

The challenge: Multinationals are navigating Pillar Two obligations with limited time to comply, and massive data sets from tax and finance

As part of a continuous effort to reform the international tax system, and in adherence to OECD Pillar Two tax requirements, more than 140 countries have agreed to implement a global minimum corporate tax rate of 15% in 2024, for certain multinational companies. To meet the new obligations of Pillar Two, multinational companies need to quickly gain visibility into, connect, and analyze massive amounts of enterprise-wide data. They must also process complex tax calculations to understand the impact Pillar Two will have on corporate profitability and operations. Today, many large companies use disparate, disconnected technology to manage tax and financial data, making it difficult to efficiently address the new tax requirements.

The solution: Trusted technology that empowers CFOs to streamline the new direct tax reporting journey, helping multinational companies confidently meet new Pillar Two regulations. Wolters Kluwer is extending its unparalleled corporate tax expertise to its market-leading CCH Tagetik Corporate Performance Management (CPM) platform. The new, user-friendly CCH Tagetik Global Minimum Tax expert solution empowers multinational companies to:

• Rapidly meet Pillar Two regulation requirements by collecting, aggregating, harmonizing, and securely storing the new data sets required to perform complex calculations across local, group, finance, and tax consolidation. The solution also empowers users to map, efficiently manage, and align data in a way that supports Pillar Two requirements.

• Manage the tax process end-to-end, reducing the burden that tax and finance teams face when reporting in accordance with the 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 compliance process.

• Guide their tax strategy, and understand the current and future impact that Pillar Two reporting requirements will have on their business model and operations. Users can perform what-if analyses of how various business decisions will be impacted by the new tax model. Armed with this information, CFOs can create more informed 3-to-5-year strategic plans that guide and optimize their corporate tax strategy to drive profitable growth.

Ralf Gärtner, Senior Vice President and General Manager of Corporate Performance Solutions, Wolters Kluwer, said:

“CFOs need to gain visibility into, connect and analyze enterprise-wide data in a way that helps them better manage complex global requirements related to OECD Pillar Two. Our new CCH Tagetik Global Minimum Tax solution delivers on that need – and it’s the latest example of our commitment to creating user-friendly, advanced technologies that address the constantly evolving challenges faced by the Office of Finance.”

About Wolters Kluwer

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

Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Twitter, Facebook, and YouTube.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230403005764/en/

KELLY DE CASTRO

Wolters Kluwer Tax & Accounting

+1 614-288-5640

kelly.decastro@wolterskluwer.com

Source: Wolters Kluwer

FAQ

What is the CCH Tagetik Global Minimum Tax solution by WTKWY?

It is a software solution designed to help multinational companies comply with OECD Pillar Two tax regulations.

How does the CCH Tagetik solution help with tax compliance?

The solution streamlines data management, automates tax processes, and provides insights for strategic planning.

What are the key features of the new CCH Tagetik solution?

Key features include data integration, end-to-end tax process management, and support for strategic tax decisions.

When will the global minimum tax rate of 15% take effect?

The global minimum tax rate will take effect in 2024.

How many countries have agreed to implement the OECD Pillar Two regulations?

Over 140 countries have agreed to implement these regulations.