Podcast overview
The Pillar Two rules will go into effect at the beginning of 2024 and time is quickly running out for multinationals to determine the impact. In this episode, KPMG Department of Professional Practice partner Nick Tricarichi is joined by Marcus Heyland, KPMG Washington National Tax principal, for an engaging conversation about the new tax regime. We discuss how it works, which countries are planning on implementing in Q1, where the US stands in all of this, and who within your organization needs to be on the project team. Lastly, we close the episode by asking Marcus to put on his coaching hat and provide some practical tips on what companies should be doing now to set themselves up for success.
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Applicability
- Multinational companies with consolidated revenues of at least €750M
Relevant dates
- 2023 Year-end reporting – Evaluate whether existing SEC rules require disclosure of the potential effects of Pillar Two
- January 1, 2024 – Pillar Two rules begin to go into effect
- Q1 2024 reporting – Account for the effects of Pillar Two in the interim tax provision
Podcast contents
- 00:25 – Introduction
- 02:55 – What happened to Pillar One?
- 03:35 – How Pillar Two works
- 05:15 – Fifteen is the new zero
- 06:25 – Pillar Two enforcement
- 10:10 – Where in the world is Pillar Two
- 13:05 – How does the US fit into all this?
- 14:25 – Who should be on the project team?
- 18:05 – Practical implementation advice
- 20:45 – Closing