By Chrysostomos Tsoufis

With double representation – according to the cliché of sports reporting mainly – the Ministry of Finance in today’s first cabinet for 2024.

THE Kostis Hatzidakis will come holding the files of 2 bills, one for the establishment of the minimum tax rate of 15% for large multinationals and one for the management and control of the coast.

In the first bill, the 15% rate will be called supplementary as it will be imposed on those businesses that have been taxed at lower rates until now. According to the information, it concerns 5 multinationals or subsidiaries of multinationals operating in Greece with a total turnover of around €750m. The benefit for the public coffers is estimated between €70-80m.

In essence, this regulation is an integration into the Greek legislation of community directives which puts an end to the practice of multinational companies of transferring their profits – and therefore their taxation – to countries with very low rates. A practice that inflated their revenues on the one hand, and hurt the competition on the other.

The directive emerged after painstaking discussions and agreement at OECD level by 140 countries – among them so-called tax havens for multinationals such as Ireland, Luxembourg, Switzerland and the “exotic” islands of Barbados. It came into force on 1 January simultaneously in the EU, UK, Australia, Canada, South Korea and Japan.

From the application of the directive they will be exempted according to bill :

– International organizations

– State entities

– Nonprofit organizations

– Organizations and investment bodies that are the ultimate parent entities of groups

– Subsidiaries of multinational or national groups that either have annual gross revenues of less than €10m and annual profits before taxes of less than €1m.

– Pension funds

– The international shipping income

The second bill concerns the management of the beach, with the memory of the – to put it mildly – infinitely beautiful scenes that took place in the summer with businesses on the Greek islands not leaving a speck of beach free of umbrellas and sunbeds.

The aim of the bill, among other things, is the complete registration of public property on the seafront so that it can be utilized.

A new electronic licensing system is being formed with stricter conditions that will ensure affordable prices for those who choose the sunbed but also sufficient space for those who … want their peace. The bill will provide that the licensing process will be completed in the first quarter of each year (this year there may be an extension since it is the first year of implementation of the new system).

The detection of violations from local (municipalities) and therefore vulnerable to “collusions and agreements” becomes central (Public Land Service).

The SEC wanting to capitalize on the success of the sunbed movement, it will also develop an electronic complaint system from citizens. The control will be according to her standards AADE since after the lockout of the offenders, the subsequent behavior of the businesses will be monitored for any relapses.

After the two bills have been presented, they will be immediately – perhaps even within the week – put up for public consultation. When they will be voted on will depend on the assessment made by the government since there is an overcrowding of bills in the Parliament.