Government unveils bill on minimum tax rate for multinationals

The Greek government on Tuesday presented a draft law to integrate a European directive on implementing a minimum tax rate on mutinational enterprises and large-scale domestic groups which could lead to a supplementary tax of up to 15% on profits.

The Pillar II directive (EU 2022/2523) is a significant step towards dealing with the problem of tax avoidance and unfair tax competition on a global scale. This new system implements a global minimum tax level, a real tax rate of 15% on multinational enterprises and large scale groups. The new system has been adopted by 132 countries so far and it is mandatory for EU member-states from January 1, 2024.

In Greece, based on 2022 data, there are 19 Greek groups and 900-950 subsidiaries of foreign groups with a consolidated turnover of 750 million euros for at least two out of the four years before 2024. The corporate tax rate...