ATHENS, Feb. 23 (Xinhua) -- Greece's government is going to present to parliament a bill introducing additional tax of up to 15 percent on the profits of multinational companies and large domestic groups, the country's Economy and Finance Ministry said on Friday.

The measure applies to large enterprises with annual combined revenues of over 750 million euros (approximately 811 million U.S. dollars).

With the new bill, expected to be voted in the parliament in the coming days, Greece is incorporating into national legislation a relevant European directive (Pillar II, EU 2022/2523) that imposes a minimum rate of effective taxation of 15 percent for multinational companies active in EU member states.

The new EU rules came into effect on Jan. 1, 2024, and implement the global deal on international tax reform reached in 2021 upon an initiative of the Organization for Economic Cooperation and Development.

The overall changes aim to address the challenge of tax avoidance and unfair tax competition that results from the declaration of smaller profits by large companies, Greek officials said on Friday.

The corporate income tax rate in Greece currently stands at 22 percent. In 2022, according to official data, there were 19 Greek business groups and 900-950 subsidiaries of foreign groups operating in Greece, with an annual turnover exceeding 750 million euros. (1 euro = 1.08 U.S. dollar) Enditem

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