Completing the first major Pillar Two filing was a significant achievement for many multinational tax teams. It was a huge undertaking, requiring tax teams to bring together unfamiliar data and navigate new calculations and filing requirements across multiple jurisdictions. Some organisations spent years preparing for their first submissions for the OECD’s global minimum corporate tax rate.

Having been through that process once, it would be reasonable to expect year two to be easier. Tax teams now have practical experience and a much clearer sense of what it takes to get a filing over the line.