Bill establishing minimum corporate taxation submitted to Parliament

The Economy and Finance Ministry has submitted to Parliament a draft taxation bill that foresees the establishment of a minimum tax rate of 15% for large multinational companies as well as large Greek groups.

The bill belatedly transposes a relevant European Union directive, that entered into force on January 1, into Greek legislation.

Essentially, the bill aims to put an end to the tax practices of multinational companies that currently allow them to shift their profits to countries with zero or very low taxes. The plan developed by the Organization for Economic Cooperation and Development (OECD) creates a set of international tax rules to ensure that these businesses pay their fair share of taxes wherever they operate.

In Greece, the measure concerns 19 Greek groups and 900-950 multinational subsidiaries. The bill regulates the imposition of a minimum...