LONDON--(BUSINESS WIRE)--Tax Systems, the global multi-tax compliance SaaS provider, has today announced the availability of Pillar2, an intuitive solution to de-risk and simplify compliance with the OECD’s global Pillar Two tax rules. Designed for organisations operating across multiple jurisdictions - Pillar2 will save businesses valuable time and reduce the risk of errors, so they can cost effectively operationalise Pillar Two reporting and comply with confidence.
Pillar2 integrates seamlessly with the provisioning and country-by-country reporting applications on TaxSuite - Tax Systems’ modular platform for international tax compliance. This means organisations can upload information once and re-use it as a single source of truth for their tax compliance data - helping to ensure consistency and accuracy across the tax reporting cycle and strengthen tax control frameworks.
The solution offers a range of innovative features, including a jurisdiction implementation tracker that shows if QDMTT, IIR, or UTPR are in force - this is kept up-to-date by Tax Systems, making it easy for organisations to know which rules are applied, and saving them the need to constantly monitor for changes. The offsets and allocations process is automated, with calculations that can’t be overridden, to further de-risk Pillar Two compliance. A comprehensive audit trail logging all user actions and data changes ensures complete transparency.
In addition to offering robust compliance support, Pillar2's flexible data management means it’s easy to upload information from both centralised systems and local operations, saving time, optimising processes and reducing the risk of errors.
Generative AI capabilities within Pillar2 also gives real-time tax insights, helping professionals to proactively manage risks and optimise their tax processes. Users can ask questions about their Pillar Two numbers, using natural language, receiving instant, data-driven responses. This approach makes it easy to identify and investigate any anomalies, while improving tax-related decision-making.
"Pillar Two compliance has added further complexity to tax professionals’ already heavy workloads, but our solution can take some of the burden by calculating any top-up tax due accurately and efficiently,” said Bruce Martin, CEO of Tax Systems. “Pillar2 has been designed from the ground up to help organisations meet these new global tax reporting requirements, simplify compliance processes and provide useful insights. Armed with the ability to manage their entire tax control framework from a single, fully connected platform, organisations can significantly reduce operational complexity while ensuring accuracy in every step of the compliance process.”
Improved collaboration backed by robust security
Pillar2 also supports organisations wishing to take advantage of co-sourcing - its SaaS capabilities, including role-based access control, ensure that only the right people can access sensitive tax data. This means that multi-nationals can maintain a level of control and collaborate with their advisors on different elements of the Pillar Two process using the same solution and data; rather than outsourcing their entire Pillar Two process.
Furthermore, all data is stored securely in MS Azure with a full audit trail, in keeping with being ISO27001 certified. Based on an organisation’s preference, Pillar2 can be configured for data to be hosted in either the UK or EEA.
“We have created a solution that is fit for purpose now and in the future, ensuring compliance with regulations and legislation as it changes both globally and locally,” concludes Bruce Martin. “The tax logic and calculations in Pillar2 have been built by the same team that supports Alphatax – the number 1 corporation tax compliance software in the UK, Ireland, and UAE. This is the latest solution on our global tax compliance and reporting platform and we’re excited for what is still to come. Tax compliance is always evolving and growing in complexity, and we are committed to advancing tax technology and supporting the global tax digitisation agenda.”
To learn more about Pillar2, click here.
About Tax Systems
Tax Systems, a Bowmark Capital-backed investment, is a global multi-tax compliance SaaS provider, with market-leading solutions across the UK, Ireland, Europe and the UAE. Its solutions digitise tax processes and revolutionise compliance operations, enabling tax professionals to create better opportunities and generate valuable insights from their tax function while also mitigating risk. Translating complex, ever-changing tax legislation into intuitive solutions, customers can trust that their calculations will be right, first-time, every time.
Founded in 1991, Tax Systems has over 30 years’ experience and works with over 42% of the FTSE 100 and 80% of the top advisory firms in the UK and Ireland, where more than 30,000 tax professionals are trained to use their solutions, filing over 200,000 submissions every year.
