Lithuania Parliament Approves Law to Implement Pillar 2 Global Minimum Taxation

The Lithuanian Parliament (Seimas) June 6 approved Law No. XIV-2680/2024, to implement Global Anti-Base Erosion (GloBE) rules under Pillar Two of the OECD base erosion and profit shifting (BEPS) project, with the purpose of establishing the global minimum level of taxation. The law includes measures to: 1) provide applicability of the law under EU Directive 2022/2523; 2) ensure a 15 percent minimum effective level of taxation of groups with annual consolidated revenues of 750 million euros (US$802.6 million) or more in at least two of the four preceding accounting periods; and 3) implement the income inclusion rule (IIR) and undertaxed ...