The Ministry of Economy and Finance submitted to the parliament a draft law on taxation, which provides for the establishment of a minimum tax rate of 15% for large multinational companies, as well as for large Greek groups, the Greek press writes.

The bill belatedly transposes a related European Union directive that took effect on Jan. 1 aimed at ending a tax practice by multinational companies that now allows them to shift their profits to countries with zero or very low taxes.

The plan, developed 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 bill regulates the establishment of a minimum effective tax rate of 15% for entities belonging to multinational business groups or large national groups whose annual revenue exceeds 750 million euros.