How the Pillar Two rules may impact Oceania financial services groups

In this episode of the EY Oceania BEPS 2.0 podcast series, host Tony Merlo explores the latest developments in the OECD BEPS Inclusive Framework’s Pillar Two initiative including, in particular, the release of the Pillar Two model rules on 20 December 2021.

This episode focuses on the potential impact of these model rules on Oceania multinational groups operating in the financial services sector, and features special comments and insights from Jacqueline Bennett.

Other episodes in this podcast series explore some different aspects of the Pillar Two model rules, including a general overview of how the rules may affect Oceania multinationals [Episode 2], the potential impact on taxpayers in the resources sector, [Episode 3] and what multinationals should be doing now from a tax systems perspective to be ready for the rules [Episode 5].

Learning outcomes

• Impact of the Pillar Two model rules on the financial services sector.
• Issues the Oceania banking sector should be focused on, arising from the Pillar Two model rules.
• Impact of the Pillar Two model rules on the wealth and asset management sector. 
• What financial services organizations should be doing now to prepare for the implementation of the Pillar Two model rules, including how tax functions should be approaching the stakeholder engagement process.

For your convenience, read the full transcript.