Company: TNRSF
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001171843-25-004951
Chunk: 15

Company: TENARIS SA
Filing Date: 2025-08-01
Form: 6-K
Chunk 15
---
 years, tax authorities around the world have increased their scrutiny of company tax filings
and have become more rigid in exercising any discretion they may have. Our interpretation and application of the tax laws could differ
from that of the relevant governmental taxing authority, which could result in the payment of additional taxes, penalties or interest,
negatively affecting our profitability and financial condition. In December 2021, the OECD released the Pillar Two model rules (the Global
Anti-Base Erosion rules, or “GloBE”) to reform international corporate taxation. Following Pillar Two Organization for Economic
Co-operation and Development’s (“OECD”) initiative, the EU adopted in December 2022 a directive to impose a global minimum
taxation for multinational companies in the European Union, effective as from January 1, 2024. On December 20, 2023, the Luxembourg Parliament
approved the Pillar Two law transposing the EU Pillar Two Directive into domestic legislation. The law took effect for fiscal years commencing
on or after December 31, 2023. The Company is within the scope of the rules, and therefore is required to calculate its GloBE effective
tax rate for each jurisdiction where it operates and is liable to pay a top-up tax for the difference between its GloBE effective tax
rate per jurisdiction and the 15% minimum rate. While the implementation of the Pillar Two project is underway in many countries, negotiations
among the respective countries regarding Pillar One implementation details have not yet concluded, and therefore, it is not yet clear
when it will be fully in effect. The European Commission (“EC”) adopted in 2016 its Anti-Tax Avoidance Directive (“ATAD”),
later expanded by ATAD 2, which seeks to prevent tax avoidance by companies and to ensure that companies pay appropriate taxes in the
markets where profits are effectively made, and business is effectively performed. In addition, the EC drafted a directive aiming to avoid
the use of shell entities (ATAD 3), which is still under discussion. On January 20, 2025, the United States announced that it would withdraw
from the OECD Global Tax Deal and that any prior commitments made by the United States will no longer have any force or effect. The memorandum
announcing the withdrawal also directed the U.S. Secretary of the Treasury to develop and deliver to President Trump, within 60 days,
a list of protective measures or other options towards foreign countries that are either not in compliance with any tax