Minimum levy of 15% on multinationals

The government is to impose an additional 15% tax on multinational companies and their subsidiaries operating in Greece with annual revenues exceeding 750 million euros.

National Economy and Finance Minister Kostis Hatzidakis presented the new framework to the cabinet on Tuesday and in the coming days this is expected to be submitted to Parliament for a vote. Essentially it is the implementation, at the European Union level, of the minimum taxation arm, known as Pillar Two, of the Organization for Economic Cooperation and Development's international tax reform. 

In total, according to OECD estimates, the annual loss of revenue for the tax authorities from the practices of the multinationals amounts to at least $150 billion, or about 6% of the revenue of the states from corporate income taxation worldwide.

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