The Ministry of Economy and Finance in Athens has submitted a tax bill to the Parliament that provides for the establishment of a minimum tax rate of 15% for large multinational companies as well as large Greek groups, according to Hotnews.

The bill belatedly transposes a relevant European Union directive, which came into effect on January 1, aims to end tax practices by multinational companies that currently allow them to shift their profits to countries with zero or very low taxes.

The plan drawn up by the Organization for Economic Co-operation 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 targets 19 Greek groups and 900-950 multinational subsidiaries. The draft law regulates the imposition of a minimum effective tax rate of 15% on entities belonging to multinational business groups or large national groups with annual revenues exceeding 750 million euros.