On 4 August 2023, Luxembourg published a bill to transpose Council Directive 2022/2523, ensuring a minimum global effective tax rate (ETR) of 15% for multinational enterprise groups and large-scale domestic groups in the European Union (the Pillar Two Directive). The Pillar Two Directive comes directly from the OECD’s Pillar Two model rules of the OECD/G20 Inclusive Framework on BEPS. Luxemburg’s Tax partner Bastien Voisin and associate Yann Ricard, and Private Equity jurist Olha Polishchuk explain more on The Drawdown.