EU : Ground-breaking new EU rules come into effect today introducing a minimum rate of effective taxation of 15% for multinational companies active in EU Member States.The framework will bring greater fairness and stability to the tax landscape in the EU and globally, while making it more modern and better adapted to today’s globalised, digital world. The entry into force of the minimum effective taxation rules, unanimously agreed by Member States in 2022, formalises the EU’s implementation of the so-called ‘Pillar 2′ rules agreed as part of the global deal on international tax reform in 2021.While almost 140 jurisdictions worldwide have now signed up to those rules, the EU has been a front-runner in translating them into hard law. By lowering the incentive for businesses to shift profits to low-tax jurisdictions, Pillar 2 curbs the so-called “race to the bottom”—the battle between countries to lower their corporate income tax rates in order to attract investment. It is already delivering results, with a number of zero tax jurisdictions around the world having announced the introduction of a corporate income tax for the companies in scope.