The Luxembourg Government recently transmitted draft legislation to implement the European Union (EU) public country-by-country reporting (CbCR) Directive (the Directive) to Parliament.The new reporting obligations will apply to financial years starting on or after 22 June 2024.Luxembourg opted to allow in-scope groups to (1) defer, in certain cases, the disclosure of commercially sensitive information for up to five years and (2) exempt, under certain conditions, undertakings from the obligation to publish the income tax information on their website.Board members will be responsible for properly implementing the new rules.Executive summaryOn 24 February 2023, the Luxembourg Government submitted a draft law (Draft...