EU member states have reached agreement to implement a minimum tax rate for large businesses at the EU-level.
The measure is aimed at limiting the race to the bottom in corporate tax rates. The profit of the large multinational and domestic groups or companies with a combined annual turnover of at least EUR 750 million will be taxed at a minimum corporate tax rate of 15 percent.
The ambassadors of EU member states have advised the Council to adopt the measure. A written procedure for the formal adoption will be launched. An EU directive in this regard is likely to be transposed into member states’ national law by the end of 2023.