Oracle Tax Reporting Enhances GloBE Reporting with New Features

The global minimum tax, known as Pillar Two of the OECD's Base Erosion and Profit Shifting (BEPS) project, has introduced significant challenges for multinational enterprises (MNEs).

Oracle has been steadily updating its Tax Reporting Cloud Service to help companies meet the challenges related to GloBE reporting.

While circumstances are specific to each company, a common challenge they all have is around data collection and jurisdiction compliance.

• GloBE requires the collection and analysis of vast amounts of data from various sources. Oracle TRC provides native data integration capabilities, including pre-built connectors to common ERP systems and enhanced data validation rules to ensure accuracy.
• Determining the effective tax rate (ETR) and top-up tax under GloBE involves complex calculations. Oracle is providing automated calculations, reducing manual effort and the risk of errors.
• GloBE reporting requires specific templates and disclosures. Over the past 2 years, Oracle is providing enhanced reporting capabilities, including pre-built reports aligned with the latest OECD guidance and customisable dashboards for better data visualisation and analysis.
• GloBE rules can vary across jurisdictions. Oracle highly customisable tax automation rules provide the ability to address country-specific requirements, ensuring compliance with local regulations.

Benefits of Using Oracle Tax Reporting for GloBE:

• Centralised Data Management: Consolidate all your GloBE-relevant data in a single platform for easier access and analysis.
• Automated Calculations: Reduce manual effort and minimise errors in complex ETR and top-up tax calculations.
• Improved Accuracy and Compliance: Ensure accurate reporting and compliance with the latest GloBE rules and regulations.
• Increased Efficiency: Streamline your GloBE reporting process and free up valuable time for other tasks.
• Reduced Risk: Minimise the risk of penalties and reputational damage associated with non-compliance.

Oracle Tax Reporting continues to evolve to meet the complex demands of GloBE reporting. By leveraging these new features, MNEs can streamline their compliance processes, reduce risk, and gain valuable insights from their data.