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How EY can help
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Our tax accounting professionals can provide the support you need to help manage the complex requirements of today’s tax landscape.
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3. Stay ahead of legislative and regulatory tax changes
US tax changes and the implementation of BEPS 2.0 Pillar Two continue to be focal points for organizations, with more than 70% of survey respondents noting these two areas for resource prioritization. Preparing for post-election tax reform, operationalizing BEPS 2.0 Pillar Two reporting and compliance, implementing public country-by-country reporting and evaluating sustainability reporting all demand significant attention from organizations. In 2025, organizations will need to stay vigilant and proactive in addressing these changes.
More than three-quarters (76%) of TARAS survey respondents indicated they have acted on or are planning for BEPS 2.0 Pillar Two implementation, and more than 80% of respondents anticipate that BEPS 2.0 Pillar Two compliance will require moderate to significant effort. Additionally, 95% of respondents indicated that they anticipate working with an external advisor to perform work related to BEPS 2.0 Pillar Two, including GloBE calculations, transitional safe harbor reviews, and support for technology, process and/or control changes. Tax provision departments must start acting now to stay on top of reporting and compliance requirements to avoid possible penalties and reporting errors.