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By Bart Van Droogenbroek, Partner, Tax Leader and Marie-Sophie Hélier, Partner, ITTS Banking and Insurance, EY Luxembourg
In December 2022, the European Council Directive 2022/2523, also known as the Pillar Two Directive or the Minimum Tax Directive, was published with the objective to introduce a minimum effective taxation (ETR) of 15% for large multinational enterprises (MNE) and large-scale domestic groups within European Union groups with annual revenues of at least €750 million.
This will dramatically change the international tax landscape and create additional time-consuming new tax computations, reporting and compliance requirements for the affected organizations, which include banks and insurance companies that operate in multiple...
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