Oracle is strengthening its Oracle Fusion Cloud Enterprise Performance Management (EPM) by partnering with Deloitte for implementation services, facilitating multinational organizations in navigating the upcoming Organization for Economic Co-operation and Development (OECD) Pillar Two tax requirements. The collaboration aims to streamline complex tax processes and reporting, fostering improved cohesion between finance, sales, and taxation through comprehensive process automation.
The OECD’s Pillar Two requirements represent a substantial change in global corporate taxation, creating a global minimum tax rate of 15 percent and significantly impacting financial processes for large multinational organizations. With Deloitte’s Tax Technology Consulting working with Oracle’s implementation service team, companies can enhance tax reporting within Oracle Cloud EPM, enabling them to efficiently manage compliance and better model the future impacts of the new requirements.
René van Gassen, Director of Tax Technology Consulting at Deloitte Netherlands, highlights the complexity of international tax compliance and the need for organizations to rapidly connect and analyze increasing amounts of data. The collaboration between Deloitte and Oracle aims to help finance leaders leverage technology to unite tax and finance processes and manage compliance effectively.
The new capabilities in Oracle Cloud EPM focus on assisting finance teams in streamlining complex tax processes. This includes automating the retrieval and formatting of data from various business systems, enhancing coordination and collaboration through a central dashboard, and empowering teams to forecast and model tax scenarios to anticipate the implications of OECD requirements.
Hari Sankar, Group Vice President of Product Management at Oracle, emphasizes the role of technology in enabling accurate and efficient compliance as multinational organizations prepare for the impact of the new Pillar Two global minimum tax regulations. The Pillar Two solution in Oracle Cloud EPM offers best practices and advanced modeling capabilities to centralize controls, improve tax visibility, and adapt tax strategies.
Allison Matthews, Partner at Deloitte Tax LLP, underscores the importance of a solution that connects and analyzes enterprise-wide data in preparing for Pillar Two reporting requirements. The combination of Deloitte’s implementation services and Oracle’s enterprise performance management technology is seen as instrumental in preparing for these global changes.
Oracle Fusion Cloud Enterprise Resource Planning (ERP), coupled with Oracle Cloud EPM, provides a comprehensive suite of performance management tools to align financial and operational planning, accelerate the financial closing process, and effectively oversee enterprise master data.
