Despite concerns that the required legislation may not be finalized by the end of the year, Luxembourg has approved and published in the Official Gazette the Law of 22 December 2023 relating to effective minimum taxation with a view to transposing Council Directive (EU) 2022/2523 of 14 December 2022 (previous coverage). The law provides for the introduction of the Pillar 2 income inclusion rule (IIR) and the undertaxed payment/profit rule (UTPR) in order to ensure a minimum tax level of 15% for MNE groups with annual consolidated revenue of at least EUR 750 million. The law also provides for the...