Prepare for the worst but hope for the best? Practical tips to meet your pillar two compliance obligations

Deloitte Global leaders Chad Hungerford and Chris Oates reveal the key practical challenges of pillar two implementation while finding cause for optimism and even excitement in an exclusive podcast with ITR

What motivates tax professionals to get up in the morning, and what keeps them up at night? Deloitte Global pillar two compliance leaders Chad Hungerford and Chris Oates provide their insights in this wide-ranging podcast. The guest speakers draw on recent experience with tax authorities and clients to provide an inside track on the rapidly evolving pillar two landscape, with the significance of this moment resonating powerfully.

“Whilst this is a challenge,” Oates tells ITR commercial editor Phil Myers, “if you flip the coin, this is probably the most interesting new bit of tax legislation that has been introduced in my lifetime from a corporate perspective. And we see that reflected when we’re having conversations.”

The podcast explores the following areas:

Emerging issues uncovered – Chad and Chris delve into the hurdles companies are finding;
Priorities for companies – where businesses should be placing their focus at present;
Common misconceptions – correcting widespread misunderstandings;
M&A and growth plans – why pillar two must be factored in;
Safe harbours and their future – why tax practitioners should “prepare for the worst and hope for the best”;
Varying jurisdictional approaches – the “different flavours of implementation”;
Technology transitions – whether now really is the right time to be considering new solutions; and
The outlook – where is pillar two heading?

While the complexities and technicalities are addressed, the podcast also brings out the passion and excitement that drives tax professionals to tackle these challenges. The insights and practical advice on offer could help to arm you with the knowledge to navigate what, we are warned, could be a bumpy road ahead. As Hungerford says, “This is not something you can minor in – that you can spend a lot of time in every other area of tax and then just dabble with pillar two.”

Listen in and dive deeper into pillar two.