The Orbitax Global Tax Calculator is a new solution that combines our new Global Minimum Tax Calculator (GMT), with our existing International Tax Calculator (ITC) which calculates U.S. tax on foreign source income (subpart F, GILTI, FTC).
The integration ensures that US FTC and GILTI calculations are fully considered in your Pillar 2 calculations, and that any Pillar 2 safe harbors calculated using CbC data can be leveraged.
In addition, the GMT solution is integrated with Thomson Reuters ONESOURCE Tax Provision to pull source data including financial accounting net income and current and deferred tax by legal entity, and to push calculated data including additional Pillar 2 taxes to complete the post Pillar 2 calculations for book tax purposes.
The Orbitax Global Minimum Tax (GMT) solution is a native cloud solution supported by the tax rules of over 190 countries to address upcoming Pillar 1 and Pillar 2 rules expected from the OECD’s ongoing BEPS project. Orbitax GMT is fully integrated with robust ETL (extract, transform, load) and reporting tools. The Orbitax GMT solution is designed to be used in three primary ways:
Perform a high-level risk assessment using the GMT solution to identify entities, transactions, and other business operations that could be significantly impacted by the Pillar 2 rules, the Subject to Tax Rule (STTR), and the Global Anti-Base Erosion Rules (GloBE). This includes the ability to complete multiyear impact calculations by importing data from the U.S. Form 1120 XML and/or the CbC Report XML. Multiple impact analyses can be performed, including effective date assumptions, restructuring holding companies, movement of employees and assets, and other what-ifs over multiple years without a lot of upfront data gathering and template update work.
Prepare for operational readiness, such as calculating the impact on the Q1 tax provision in the first year the Pillar 2 rules become effective. To prepare for operational readiness, the GMT solution has all the detailed STTR and GloBE calculation rules built in, with multiple configurable options for worldwide data collection, including API connections to ERP systems and third-party tax solutions such as ONESOURCE OTP, as well as robust data survey tools and support for direct uploads of tax department workpapers. The entire end-to-end process can be automated by integrating the Orbitax Executable Actions Tool (E.A.T.), a workflow tool that is built into the same platform as the GMT solution, the Orbitax International Tax Platform (ITP).
Meet all global compliance requirements for both the STTR and GloBE rules for all jurisdictions withPillar 2 filing obligations. To facilitate global compliance, the GMT solution leverages the ITP Due Date Tracker, which tracks all worldwide compliance obligations including due dates, submissions made, submissions rejected, resubmissions, etc., as well as the stakeholders responsible for different obligations.
Get an overview of various data elements being maintained on the Orbitax platform including footprint data and data from the Orbitax Tax Rules & Rates Database. Powered by Microsoft Power BI.
Import your list of contacts into Orbitax, assign roles and permissions, and chat with individuals or create custom groups to discuss data population, filing obligations and anything in between.
Use the built-in Orbitax Meet feature to start or schedule a video meeting with members from your Orbitax Contacts list. Arrange meetings, share your screen and save meeting recordings to the Orbitax Drive.
Secure document storage and management for all your tax documentation, files and meeting notes. Boost your file storage premium features available with the Orbitax Drive.
Assign tasks and timelines to various stakeholders, including checklists, attachments, comments, custom alerts and more. Monitor and manage all tasks from the powerful Task Manager dashboard.
Automatically monitors and displays all activity across your Orbitax projects, including when users log in, change/upload data, along with timestamps and ability to generate comprehesive audit reports.
The world’s most complete array of cross-border tax analysis and data
Comprehensive library of compliance due dates and rules
Automated workflows based on any recurring tax or business process
A complete solution for audit and global tax controversy tracking
Maintain a historical record of all entity data with sophisticated filters
Visualize your entity data in a range of layouts based on custom filters
Track worldwide tax law changes daily across 47 different tax topics
Identify and manage your reportable cross-border arrangements
Secure storage and collaboration for all your tax documentation
Calculations and compliance for GMT, BEPS and US FSIC
Provides the various compliance steps, forms and rates for completion