Germany: Parliament approves draft bill to implement Pillar 2 global minimum tax

On 10 November 2023, the lower house of parliament (Bundestag) approved legislation to implement EU Council Directive 2022/2523, which aims to establish a global minimum tax rate and introduce other accompanying measures as outlined in resolution BT-Drs. 20/9190 (new). In addition to modifications to income and foreign tax legislation, changes to the German Commercial Code (HGB) and the Introductory Act to the German Commercial Code (EGHGB) are also anticipated. Before becoming effective, the law must be approved by the upper house of the German parliament (Bundesrat) and subsequently be promulgated.

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