On 22 August 2023, Luxembourg published Law of 15 August 2023 in the Official Gazette implementing public Country-by-Country (CbC) reporting in compliance with Directive (EU) 2021/2101.
The Law conforms to the directive and sets the public reporting threshold at an annual consolidated revenue of EUR 750 million for each of the last two consecutive financial years. The public CbC report must be accessible to the public free of charge within 12 months of the end of the relevant year on either the parent or relevant subsidiary or branch’s website.
EU Member States are required to implement Directive (EU) 2021/2101 by no later than 22 June 2023. The directive will be applicable to financial years that commence on or after 22 June 2024. For companies that follow a calendar year as their accounting year, their initial report on income tax information will pertain to the year 2025 and must be disclosed before the conclusion of 2026.
