Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 284

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 284
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ings resulted in an income tax expense of EUR 0 million (2022: EUR 33 million). OECD Pillar Two Regulations The Organisation for Economic Co-operationand Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalization of the global economy. F-41

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2023 and December 31, 2022 The Group is in the scope of the enacted or substantively enacted legislation and has performed a preliminary analysis and assessment of the Group’s potential exposure to Pillar Two income taxes. It is unclear if the Pillar Two model rules create additional temporary differences, whether to remeasure deferred taxes for the Pillar Two model rules and which tax rate to use to measure deferred taxes. In response to this uncertainty, on May 23, 2023, the IASB issued amendments to IAS 12 ‘Income taxes’ introducing a mandatory temporary exception to the requirements of IAS 12 under which a company does not recognize or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The Group applied the temporary exception as of December 31, 2023. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates (mainly in Luxembourg and other EU countries). The Ultimate Parent Entity is located in Luxembourg and, therefore, will apply Income Inclusion Rule (“IIR”) for all jurisdictions where Pillar Two rules were not enacted. The legislation will be effective for the Group’s financial year beginning January 1, 2024. No current tax based on Pillar Two model rules was calculated and booked as of December 31, 2023 as the legislation was not effective at the reporting date. The group has run initial testing under the OECD transitional safe harbor rules based on the most recent tax filings, country-by-countryreporting and financial statements for the constituent entities of the Group. The Group expects that the majority of jurisdictions will not be subject to top-uptax due to the application of one of the transitional safe harbor rules with the exception of the UAE where the impact is immaterial. In Luxembourg, a top-uptax could be triggered by the use or recognition of ITCs. Note 9—