Wolters Kluwer, the Dutch technology company, has launched a new financial tech solution that it says 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 CCH Tagetik solution will also help CFOs better understand how Pillar Two regulations will impact their business model 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,” Wolters Kluwer notes in a statement. And with this in mind “Wolters Kluwer is extending its unparalleled corporate tax expertise to its market-leading CCH Tagetik Corporate Performance Management (CPM) platform.”

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.

The company says that the 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 helps 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.”

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

Wolters Kluwer adds that the solution takes a top-down approach by connecting tax to consolidation, centralizing enterprise data, and automating processes and calculations to facilitate compliance process.

The solutions will also help companies 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,” Wolters Kluwer adds.