It was a long wait, but finally late in the evening of December 12, 2022 there was white smoke coming from the Council of the European Union regarding the implementation of Pillar 2 at an EU level. Pillar 2 arranges for a minimum level of taxation (15%) for large corporations.

According to a press release issued by the Council of the EU, the ambassadors of EU member states decided to advise the Council to adopt the Pillar 2 directive. A written procedure for the formal adoption will be launched. The press release furthermore states that the Committee of Permanent Representatives reached the required unanimous support (As you might know lately Hungary had been vetoing the proposal).

At the moment we drafted this press release the final text of the Directive on which the unanimous agreement was reached was not available yet. However, links to interesting articles that can be helpful when you want to go ahead with your preparatory work so that you are fully upto speed when the EU Directive enters into force can be found here. There you can also find a link to the text of the Proposal for a Council Directive on ensuring a global minimum level of taxation for multinational groups in the Union as it was released by the European Commission on December 22, 2021.

The most recent version of the (proposal) for a Directive we could find on the website of the consilium dates from November 25, 2022 and can be found here.

We will update this article when the text on which the EU member states finale came to an agreement is available by adding a link to the text the agreement was reached upon. Update as per December 13, 2022 (09.10 CET) - This is also the version of the Directive to which now a link is included in the press release as issued on December 12, 2022 at 22.55 by the Council of the EU.

Copyright – internationaltaxplaza.info

Follow International Tax Plaza on Twitter (@IntTaxPlaza)