Agefi Luxembourg - octobre 2026

AGEFI Luxembourg 10 Octobre 2026 Économie & Banques ByXavierSOTILLOSJAIME,Partner&LucaDERQUI, Manager, Deloitte Luxembourg L uxembourg transposedDirective (EU) 2021/2101 of the European Parlia­ ment and of the Council of 24Novem­ ber 2021 (the “Directive) on public countrybycountry reporting (pCbCR) into Chapter II quarter of the lawof 19December 2002 on the Trade andCompanies Re­ gister (the “Luxembourg law”). The obligations apply to finan­ cial years beginning on or after 22 June 2024. For most calendar­ year groups, FY25 is the first re­ porting period, and local practice and interpretation continue to evolve. Unlike theOECDCbCR,which tax administrations exchange confidentially, pCbCRdata is publicly ac­ cessible. Under certain conditions, large groups that generate more than EUR 750 million in revenue must now disclose revenue and profit figures, as well as taxdata, to investors, competitors, themedia, and tax authorities across jurisdictions. This article focuses on the obligations that apply to groups whoseultimateparent entity (UPE) is established in Luxembourg. Different considerations apply to groups with a nonEU UPE and to groups whose UPE is established in another EUMember State but maintains a presence in Luxembourg. Scope and exemptions UndertheOECDCbCRrules,astransposedintoLux­ embourg’s legal framework (Law of 23 December 2016,Annex,SectionI),theUPEisaconstituententity of amultinational enterprise (MNE) group that (i) di­ rectlyor indirectlyholds a sufficient interest inoneor moreotherconstituententitiestorequireittoprepare consolidatedfinancialstatementsand(ii)isnotowned byanotherconstituententitythatmeetsthesamecon­ dition under (i). For pCbCR purposes, Article 72un­ decies(1) of the Luxembourg law defines a UPE as “the entity that prepares the consolidated financial statementsforthelargestsetofentities.”However,Ar­ ticle 72decies(1) narrows this concept by limiting the pCbCR rules to entities with specific legal forms: so­ ciétésanonymes,sociétésencommanditeparactions, and sociétésàresponsabilitélimitée ,aswellas,undercer­ tain conditions, sociétés en nom collectif and sociétés en commandite simple . Under Article 72duodecies(1), Luxembourg UPEs mustprepare,publish,andmakeapCbCRaccessible when consolidated revenue exceeded EUR 750 mil­ lionineachofthelasttwoconsecutivefinancialyears. The same requirement applies to standalone under­ takings thatmeet the same revenue threshold. Two exemptions are relevant. 1) Under paragraph (2), the rules do not apply to groupswhoseoperations, includingbranches, are lo­ cated exclusively inLuxembourg. 2) Under paragraph (3), UPEs that already publish a report underArticle 383of the lawof 5April 1993on thefinancialsector(CRDIV)qualifyforanexemption if the report covers all group activities. Importantly, pCbCRis not a taxfiling. It derives from theAccounting Directive, and groups file it with the TradeandCompaniesRegister(RCS)notwiththetax authorities.Groupsmay source someof theunderly­ ing data from the OECDCbCR, but they should not conflate the two obligations. Content of the pCbCRand format Article 72terdecies lists the required data points: the UPE’s name, financial year, reporting currency, sub­ sidiaries in the EUandAnnex I or II noncooperative jurisdictions, description of activities, number of em­ ployeesmeasuredasfulltimeequivalents(FTEs),rev­ enue, profit or loss before tax, income tax accrued for the current year, income taxpaidon a cashbasis, and accumulated earnings. Groups must present data separately for each EU MemberStateandforAnnexIorIIjurisdictions.These arejurisdictionsthattheCounciloftheEUlistsasnon­ cooperative for taxpurposes inAnnex I asof 1March of the relevant financial year, or as undermonitoring inAnnexIIasof1Marchofboththerelevantfinancial year and the preceding year. Groupsmust aggregate all other jurisdictions in a restofworld line. Luxembourgdoesnotrequireseparatedisclosurefor European Economic Area countries that are not EU Member States. Therefore, Norway, Iceland, and Liechtenstein fall within the aggregated line. Groups may publish the report in any official EU language. Groups can follow the OECD CbCR reporting in­ structions when describing their activities, which helps avoidduplicating effort.Alternatively, they can usetheNACE(“StatisticalClassificationofEconomic Activities in the European Community”) classifica­ tion. In both cases, groups describe activities for each country as awhole rather than entity by entity. Article 72terdecies(6) allows groups to omit specific data temporarily when disclosure would seriously prejudicethecommercialpositionofthereportingen­ tities.Agroupmustflagandexplaintheomissionand publishthedatawithinfiveyears.Thissafeguarddoes not apply toAnnex I or II jurisdictions. Commission Implementing Regulation (EU) 2024/2952 (the “Implementing Regulation”) requires entities governedbyMember State lawtouse theEU template, currently version 2.0, and iXBRL tagging. Therefore, groups with a Luxembourgbased UPE must prepare the pCbCR using the Euro­ peanCommission’s template. Basedonour experience, the RCS accepts XHTML files generated through this template. When preparing the template, groups should fol­ low the guidance in Annex I of the Imple­ menting Regulation, which explains how to complete each sectionof the report. In particular, Annex I requires consistencybetween thedisclo­ sures in Section 2, “Overview of information on a country­ bycountry basis,” and Sec­ tion 3, “List of subsidiaries and activities.” It also clari­ fies that Section 3 does not need to identify entities in­ cluded in the restofworld line. Annex I also clarifies that groups must include entities that have no tax residence in any jurisdiction in the restofworld line. Finally, althoughAnnex I refers only to subsidiaries when listing the entities whose activities Section 3 must disclose, groups shouldalso apply this require­ ment tobranches.Otherwise, jurisdictions inwhicha group operates only through branches would not alignwith the Section 2 disclosures described above. Publication Article 72quaterdecies requires theUPE tofile the re­ portwiththeRCSandpublishitonitswebsitewithin 12months of the balance sheet date. The reportmust remain accessible for at least five consecutive years. The filingwith the RCS TheRCSprovidesadedicatedportalpageforupload­ ing the pCbCR inXHTMLformat. The filing process involves the following steps: (i) access the RCS filing portal using a LuxTrust cer­ tificate or other acceptedmeans of authentication; (ii)uploadtheXHTMLfile,preparedusingtheCom­ mission’s template, through the dedicatedportal; (iii) pay the applicable small filing fee; and (iv) await validation. The RCSmay take up to three business days to vali­ date the filing request, so groups should account for thisperiodwhenplanningforthedeadline.Afterval­ idation, the RCS makes a ZIP folder available for download in the company’s online space. The folder contains both the proof of filing and the pCbCR in XHTMLformat. The publication on the website In addition to the RCS filing required under Article 72quaterdecies(1), paragraph (2) requires the UPE to make the report publicly accessible, free of charge, in at least oneofficial EUlanguageon itswebsitewithin 12monthsofthebalancesheetdate,unlessthewebsite exemptionunder paragraph (3) applies. Luxembourg offers a website exemption, although notallEUMemberStatesimplementingtheDirective doso.IftheRCSfilingusesamachinereadableformat andanyEUthirdpartycanaccessitfreeofcharge,the UPE does not need to publish the full pCbCR sepa­ ratelyonitswebsite.Areferencetotheexemptionand alinktotheRCSaresufficient.Thelawdoesnotspec­ ify where this reference should appear. In practice, groups commonly use investor relations pages, legal terms, or similar sections. Other considerations Directors’ liability and penalties Article 72quindecies(1) imposes a strict collective obligation on the members of the administrative, management, and supervisory bodies of Luxem­ bourg UPEs. They must ensure that the group pre­ pares, publishes, andmakes thepCbCRaccessible in accordance with Luxembourg law. This standard differsfromthesofter“tothebestoftheirknowledge andmeans” standard that applies under paragraph (2) todirectorsof subsidiariesfilingonbehalf of non­ EUparent entities.Article 15002(11) of the lawof 10 August 1915 provides for penalties ranging from EUR500 to EUR25,000 for directors. Auditor disclosure Under Article 72sexdecies, when one or more ap­ proved statutory auditors or approved audit firms mustauditaLuxembourgentity’saccounts,thestatu­ tory auditors must state in the audit report whether theentityhad topublishapCbCRfor thepriorfinan­ cialyearunderArticle72duodeciesand,ifso,whether it published the report in accordance with Article 72quaterdecies.Theobligation,whichalignswithAr­ ticle48f of theDirective, covers scopeandpublication but not the report’s content. Antiavoidance Article 72duodecies(7) requires subsidiaries or branches that would not otherwise face a filing obli­ gation to publish a pCbCR if they exist solely to cir­ cumvent the reporting requirements. The provision sets a high threshold, but groups should consider it when structuring their EUpresence. Considerations for groups withnonLuxembourgUPEs When theUPE is established in another EUMember State, the UPE must prepare, publish, and file the pCbCRunder the lawof its home jurisdiction. Different rules apply to groups with a nonEUUPE. Qualifying mediumsized and large Luxembourg subsidiariesandbranchesactasproxiesandmustfile independently.IfthenonEUUPEdoesnotcooperate, the subsidiarymust publish the available datawith a notice.AnonEUUPEmayalsopublishthereportdi­ rectly on its own website, which relieves qualifying EU entities frompublishing it on their websites, and designate one entity to file the pCbCRwith the local registry. Under a literal reading of Luxembourg law, theentitydesignatedforthelocalfilingmustresidein Luxembourg. By contrast, the Directive refers more broadly to an entity governed by the law of any EU Member State. Under this reading, afiling in another Member State would not relieve qualifying Luxem­ bourg entities of their local obligation. The law does not specify a size threshold for the designated entity. Conclusions Luxembourg UPE groups and nonEUUPE groups that start work on pCbCR requirements early, estab­ lishclearinternalprocessesforthisnewreporting,and ensurethatdisclosuresaccuratelyreflecttheunderly­ ingfinancial datawill bebetterpositioned tomanage compliance andpublic scrutiny over time. Public countrybycountry reporting: What Luxembourg-based groups need to know L e président de laRépublique de Finlande, Alexander Stubb, et son épouse Su­ zanne InnesStubb ont achevé le 30 septembre leur visite d’État de deux jours auLuxembourg, à l’in­ vitationde LL.AA.RR . leGrand­ Duc et laGrandeDuchesse. Cette visite était la première visite d’État entrante organisée depuis l’avène­ ment au trône duGrandDuc. Lapremièrejournée,mardi29septembre, a débuté par l’accueil officiel du couple présidentielfinlandaisparS.A.R.leGrand­ Duc et S.A.R. la GrandeDuchesse au palais grandducal. Après un entretien et un échange de cadeaux, Alexander Stubb a déposé une couronne au monument national de la Solidaritéluxembourgeoise,avantderen­ contrer le président de la Chambre des députés,ClaudeWiseler,lePremierminis­ tre Luc Frieden et le ministre desAffaires étrangères Xavier Bettel. De son côté, Suzanne InnesStubb a visité leMuséenationald’archéologie,d’histoire et d’art avec S.A.R. la GrandeDuchesse. L’aprèsmidiaétéconsacréauxinstitutions européennes.AlexanderStubbs’estrendu àlaBanqueeuropéenned’investissement, où il a rencontré sa présidente Nadia María Calviño, puis à la Cour de justice del’Unioneuropéenne.Pendantcetemps, Suzanne InnesStubb et S.A.R. laGrande­ DuchesseontvisitéleCentrenationalpour victimes de violences. La journée s’est ter­ minée par un dîner de gala offert par LL.AA.RR . le GrandDuc et la Grande­ Duchesse, consacré notamment aux rela­ tions bilatérales, à la coopération euro­ péenne et aux enjeux internationaux. Ladeuxièmejournée,mercredi30septem­ bre, a débuté à l’Université du Luxem­ bourg, à Belval. Alexander Stubb y a prononcé un discours devant des étu­ diants, des enseignants et des invités sur les valeurs, les intérêts et le pouvoir à l’ère de la compétition stratégique. Le couple présidentiel et le couple grand­ ducal ont également découvert la trans­ formation de Belval, de son passé indus­ triel à son rôle de pôle de recherche, d’en­ seignementetd’innovation,notammentà travers la visite duLearningCentre. Alexander Stubb et S.A.R. le GrandDuc ont ensuitedécouvert plusieursprojetsde recherche luxembourgeois dans les domainesdelasanté,del’intelligencearti­ ficielle,desdonnées,descommunications quantiques, du calcul haute performance et des sciences quantiques. Parallèlement, Suzanne InnesStubb et S.A.R. la GrandeDuchesse se sont ren­ dues à la Bibliothèque nationale pour découvrir l’exposition La paix (in)ache­ vée, consacrée à l’histoire des engage­ ments en faveur de la paix au Luxembourg. Àmidi, le Premier ministre Luc Frieden a accueilli le couple présidentiel au châ­ teau de Bourglinster pour un déjeuner officiel, suivi d’une conférence de presse conjointe. La dernière étape de la visite s’est déroulée au château de Betzdorf, siège de SES. Alexander Stubb et S.A.R. leGrandDuc y ont découvert les activi­ tés du groupe luxembourgeois et son centre des opérations satellitaires. La visite d’État s’est achevée à l’aéroport de Luxembourg, où LL.AA.RR . le GrandDuc et la GrandeDuchesse ont pris congé du couple présidentiel avant son retour en Finlande. Ces deux jour­ nées ont permis de renforcer les échanges entre les deux pays dans les domaines européen, scientifique, tech­ nologique et économique. Source : Cour grandducale du Luxembourg Le Luxembourg et la Finlande resserrent leurs liens ©Courgrandducale