PwC announces the launch of Beacon, an innovative international tax platform that promises to bring agility, efficiency and speed to tax calculations.
As global tax regulations continue to evolve, Beacon is designed “to help multinational organizations navigate the complexities of the OECD’s Pillar Two framework, positioning them for growth and strategic use of time and resources.”
Beacon features the Pillar Two Engine to “quantify the impact of Pillar Two on multinational organizations.”
The Pillar Two Engine is already developed and “actively used by PwC to assist clients with Pillar Two calculations, and it will remain instrumental in meeting compliance obligations.”
This technology is now offered as a SaaS solution, “offering flexibility to multinational organizations that wish to conduct Pillar Two calculations internally while benefiting from ongoing maintenance and regulatory updates provided by PwC’s global network of international tax specialists.”
One of the standout features of Beacon is its “centralized cloud-based rules engine, which provides real-time access to the latest tax regulations.”
This enables businesses to stay ahead of legal changes and “manage global tax analysis uncertainties through predictive scenario modelling.”
The Pillar Two Engine is adapted for local rules “to meet Pillar Two requirements for global and statutory compliance, including constituent entity analysis, Transitional Safe Harbor assessments and full qualified domestic minimum top up tax (QDMTT) computations.”
Built on graph technology, the Beacon’s centralized rules engine “simplifies and enhances the organization of complex data for high-volume performance.”
Designed to allow tax professionals to focus “on more strategic tasks, Beacon leverages AI, advanced analytics, data visualizations and custom reports to streamline data ingestion, calculation, review and reporting processes.”
This approach provides a holistic solution that “ensures seamless integration and usability, not only saving valuable time but also offering greater visibility and accuracy in tax calculations, aiding informed decisions.”
Providing high quality data with context is crucial “given the urgency to act on Pillar Two now.”
For over two decades, Beacon has been backed by PwC’s extensive international tax knowledge and expertise, providing “a reliable and robust solution for today’s dynamic tax environment.
“Beacon represents a significant leap forward in the realm of international tax compliance.”
With Beacon, they are providing a holistic solution that “integrates advanced analytics and custom reporting, ensuring that our clients have the precise, actionable insights they need to navigate today’s dynamic tax landscape confidently.”
At PwC, their purpose is to “build trust in society and solve important problems.”
They’re a network of firms in 151 countries “with over 360,000 people who are committed to delivering quality in assurance, advisory and tax services.”
