NIBT Override in Pillar 2 with Pillar 2 currency
Summary:
Hi Ken & Team,
We load P12 Data on a YTD basis (Rather than 1-12 periodically) and use an NIBT override to override NIBT & Book accounts to get correct NIBT / PBT in Reporting currency in the provisioning process.
Pillar 2 GloBE Income starts with Net income / Tax expense to essentially generate NIBT, we validate this against the equivalent amount in the provision.
We were hoping to the the NIBT override on these GloBE income accounts, and it seems to work in the entry forms when you run "Translate" rule. However further on in the calc, when you use pillar two currency or USD with a pillar two jurisdiction (And hence run the "Translate from Pillar two currency" rule) this override doesn't seem to apply.