Romania Gazettes Law Implementing Pillar 2 Global Minimum Tax

The Romanian Official Gazette Jan. 5 published Law No. 431/2023, implementing EU Council Directive 2022/2523, on ensuring a global minimum level of taxation for multinational enterprise (MNE) groups and large domestic groups in the EU. The law includes measures: 1) applying to entities in Romania that are members of large MNE or domestic groups with annual turnover of at least 750 million euros (US$822.2 million), including excluded entities’ turnover, in at least two of the last four immediately preceding fiscal years of the ultimate parent’s consolidated financial statements; 2) introducing the income inclusion rule (IIR) and undertaxed profit rule (UTPR); ...