Oracle, a global leader in cloud solutions, is set to enhance its Oracle Fusion Cloud Enterprise Performance Management (EPM) with new capabilities aimed at assisting multinational organizations in navigating the upcoming changes associated with the Organization for Economic Co-operation and Development (OECD) Pillar Two tax requirements. In a strategic collaboration with Deloitte, a renowned professional services firm, the duo intends to streamline complex tax processes and reporting for finance leaders.
The OECD's Pillar Two requirements, signaling a significant shift in global corporate taxation, impose a global minimum tax rate of 15 percent, impacting financial processes and operating structures for large multinational entities. Oracle's Fusion Cloud EPM, coupled with Deloitte's implementation services, emerges as a robust solution to help companies adapt to these transformative changes.
Deloitte's Tax Technology Consulting, combined with Oracle's technology, empowers finance leaders to efficiently address the intricacies of Pillar Two requirements. René van Gassen, Director, Tax Technology Consulting (TTC) at Deloitte Netherlands, emphasizes the necessity for organizations to rapidly connect and analyze increasing amounts of data for effective international tax compliance.
The capabilities introduced in Oracle Cloud EPM aim to provide a comprehensive solution for finance teams to navigate Pillar Two requirements seamlessly:
- Data Collection and Management: Automates the collection of data from various business systems, aligning it with Pillar Two data model requirements to ensure a robust audit trail.
- Task Manager: Streamlines coordination and collaboration throughout the financial close process, minimizing delays and providing a centralized dashboard for task assignment and monitoring.
- Tax Forecasting and Modeling: Enables teams to forecast and model tax scenarios within Oracle Cloud EPM, helping organizations predict and prepare for the impacts of the new OECD requirements.
Hari Sankar, Group Vice President, Product Management at Oracle, highlights, “Technology is going to play a key role in helping enable accurate and efficient compliance. Pillar Two in Oracle Cloud EPM has best practices and advanced modeling capabilities built-in to enable customers to centralize controls, improve tax visibility, and adapt their tax strategies."
This collaboration is positioned as a crucial component in preparing companies for these global changes. Allison Matthews, Partner, Tax Technology Consulting (TTC) at Deloitte Tax LLP, states "The combination of Deloitte's implementation services and Oracle's enterprise performance management technology is instrumental to be prepared for these global changes."
Oracle Fusion Cloud EPM, part of Oracle Fusion Cloud Enterprise Resource Planning (ERP), offers a comprehensive suite of enterprise performance management capabilities to align financial and operational planning seamlessly. This collaboration signifies a proactive approach to addressing the evolving landscape of international tax compliance for multinational organizations.
Deloitte, a global leader in professional services, with its extensive network spanning more than 150 countries, reinforces its commitment to delivering industry-leading services across audit and assurance, tax and legal, consulting, financial advisory, and risk advisory domains. The collaboration aims to assist organizations in transforming and thriving amidst evolving regulatory landscapes.
