Luxembourg submits draft legislation introducing public country-by-country reporting for multinational enterprises

The Luxembourg Government recently transmitted draft legislation to implement the European Union (EU) public country-by-country reporting (CbCR) Directive (the Directive) to Parliament.

The new reporting obligations will apply to financial years starting on or after 22 June 2024.

Luxembourg opted to allow in-scope groups to (1) defer, in certain cases, the disclosure of commercially sensitive information for up to five years and (2) exempt, under certain conditions, undertakings from the obligatio…