BEPS 2.0 Pillar 2: Countdown to disclosure
There are just over six months to go before Pillar 2 of the OECD’s BEPS 2.0 directive goes live. Will you be ready to comply?
Watch our EY Financial Services tax webcast replay to get the latest developments on the new global minimum tax rules and their implications for jurisdictions worldwide.
In the EU, member states are actively working on transposing the bloc's Minimum Tax Directive into domestic legislation by the end of 2023. Significant developments are also underway in countries such as the UK, Japan and South Korea to name a few.
During the webcast, our panel of EY tax professionals discuss:
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The latest in-country developments
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Recent amendments made by the International Accounting Standards Board (IASB) to IAS 12, titled "International Tax Reform–Pillar Two Model Rules"
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The anticipated approach from the Financial Accounting Standards Board (FASB)
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A risk-based approach for financial institutions to meet their initial milestones by 1 January 2024, focusing on data, process and technology selection
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Background
On 23 May 2023, the IASB issued the Amendments to IAS 12, titled 'International Tax Reform–Pillar Two Model Rules'. These amendments introduce significant changes to the standard, including (i) a mandatory temporary exception to the accounting for deferred taxes resulting from the implementation of the Pillar Two model rules at a jurisdictional level and (ii) disclosure requirements for affected entities. These disclosures aim to enhance the understanding of financial statement users regarding an entity's exposure to Pillar Two income taxes stemming from the legislation, particularly prior to its effective date.
Missed EY webcasts on Pillar Two?
On 23 May 2023, the IASB issued the Amendments to IAS 12, titled 'International Tax Reform–Pillar Two Model Rules'. These amendments introduce significant changes to the standard, including (i) a mandatory temporary exception to the accounting for deferred taxes resulting from the implementation of the Pillar Two model rules at a jurisdictional level and (ii) disclosure requirements for affected entities. These disclosures aim to enhance the understanding of financial statement users regarding an entity's exposure to Pillar Two income taxes stemming from the legislation, particularly prior to its effective date.
Missed EY webcasts on Pillar Two?
| ► | How to address the BEPS 2.0 Pillar Two data and technology challenge with SAP (March 2023) – watch replay |
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| ► | BEPS 2.0: New Administrative Guidance and implementation activity on Pillar Two (February 2023) – watch replay | |
| ► | Implementation of BEPS 2.0 Pillar Two in the EU (January 2023) – watch replay |
Please register to watch the webcast replay and contact EY EMEIA FS Tax team if you have any questions.
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