The Greek government on Tuesday presented a draft law to integrate into national legislation a European directive on implementing a minimum tax rate on multinational enterprises and large-scale domestic groups which could lead to a supplementary tax of up to 15% on profits, ANA reports.
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 and 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, according to 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 in Greece remains at 22%. The adoption of the EU directive will not lead to an exit by foreign business groups, while additional tax revenue resulting from the implementation of the new legislation is estimated at 80 million euros.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
Photo Source: Wikimedia Commons License: CC-BY-SA Copyright: Andrikkos
