Simplifying the Complex World of Global Tax

More than ever tax authorities want to make sure large enterprises pay the right taxes and planned rules aim to close the tax gap and set minimum tax rates.  

In 2021, over 130 countries agreed on a framework for new international tax rules under the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS). 

The planned framework includes two main pillars:  

• Pillar One: Profit reallocation 

More taxing rights to market jurisdictions focusing on the digital economy and highly profitable multinational enterprises (MNEs).  

• Pillar Two: Setting a global minimum tax rate 

Preventing profit shifting to jurisdictions with lower tax rates. Countries are working towards implementing rules that ensure a minimum level of taxation globally.  

This is complex regulation, and the details are still being negotiated.  

This gives you time to be ready. 

Take proactive steps to prepare for compliance:  

• Stay informed and monitor developments
• Review your current tax structures and positions to identify the areas that may be impacted by the new Pillar One and Pillar Two rules
• Conduct an impact assessment to understand how Pillar One and Pillar Two may change your tax liabilities and compliance obligations
• Anticipate how you will manage the transitional periods or phase-in and develop contingency plans to manage disruptions to your tax strategy
• Improve your data management capabilities. You’ll need to capture, analyse, and report relevant financial and operational data effectively
• Explore tax technology that can facilitate compliance with the new tax rules. 

The planned changes will mean significant change for all businesses operating in the global marketplace. That’s why Oracle and Vertex are working together to provide companies with the global tax and business solutions they need to navigate these changes and ensure compliance.  

Vertex and Oracle have been working together to help companies comply with the planned new tax rules: 

Vertex's solutions are designed to manage complex tax and compliance requirements. Vertex has partnered with Oracle to develop global tax and business solutions that integrate with Oracle Cloud Infrastructure (OCI).  

Oracle has introduced new features in its Oracle Fusion Cloud Enterprise Performance Management (EPM) software to help companies simplify tax processes and reporting.  

Vertex has ‘Integrated with Oracle Cloud’ and ‘Powered by Oracle Cloud Expertise’ certifications. This means that Oracle validates Vertex tax solutions. They meet Oracle's performance and security standards and work seamlessly with Oracle ERP cloud applications and data hosted in OCI. 

Oracle Vertex customers can streamline their global tax compliance within a single integrated platform.

Watch the Innovative Global Tax Solutions Oracle Applications & Technology User Group session  

Companies of every size and in every industry can work with Vertex and Oracle to calculate tax, manage compliance, and leverage data to grow their business: 

• Learn how Vertex can help reduce risk in the context of global legislative changes
• Explore the Vertex global tax solutions with Oracle ERP Cloud
• Understand the global tax automation roadmap with Vertex and Oracle ERP. 

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Explore our 25 year long-standing partnership with Oracle and read more about our integrations with Oracle ERP Cloud, Oracle Netsuite ERP, Oracle JD Edwards ERP Cloud, Oracle E-Business Suite and Oracle Monetization Cloud.  

Want to learn more? Explore all sessions in the tax eLearning series.