Executive summaryOn 24 March 2021, the German Government agreed on the draft bill of the German “Law implementing the EU Anti-Tax Avoidance-Directive” (Draft Law). The European Union (EU) Anti-Tax Avoidance Directives are set forth under Council Directives 2016/1164 of 12 July 2016, and 2017/952 of 29 May 2017, and are referred to respectively as ATAD I and II.A first working draft of the German bill was published in December 2019 (see EY Global Tax Alert, Germany publishes draft ATAD implementation law, dated 12 December 2019). With respect to the anti-hybrid rules mandated by the directives, the first working draft was only...