Recently the Luxembourg Government submitted draft law n°7031 on country ­by­ country (CbC) reporting to the Luxembourg Parliament. The draft law is in accordance with a European Union (EU) Directive of 25 May 2016 requiring all EU Member States to implement a CbC reporting obligation in their national legislation. The draft law submitted on 2 August 2016. If adopted, all Luxembourg tax resident entities that are part of a multinational group with a consolidated annual group turnover of at least €750 million will need to comply with the CbC reporting requirements for financial years starting on or after 1 January 2016.