UK finance leaders believe international regulatory reform and sustainability-related reporting rules are set to have a major impact on their organisation’s finance functions, according to the latest EY Tax and Finance Operations Survey (TFO).
The reporting period for global 15% minimum tax rate called for under the base erosion and profit shifting (BEPS) Pillar Two will come into effect in the UK from 31 December 2023. The survey found that 89% of UK finance leaders expect their tax planning and business operations to experience ‘moderate’ to ‘significant’ change.
Meanwhile, 72% of UK respondents expect the incoming EU Carbon Border Adjustment Mechanism (CBAM) to have a significant impact on their organisation’s tax and finance function.
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