The measure should enter into force in the EU on December 31 of next year.
This measure was the subject of a historic agreement reached in 2021 by 137 countries under the coordination of the Organization for Economic Cooperation and Development (OECD).
The European Commissioner for the Economy, Paolo Gentiloni, pointed out in a note that the adoption of this minimum tax “is key to addressing the challenges created by a globalized economy.”
According to Gentiloni, “it has been a long journey, with obstacles every step of the way. Today unity has prevailed and all Member States and all EU citizens benefit.”
However, Gentiloni recalled that discussions on a complementary pillar of last year’s agreement are still pending.
“A fairer distribution of tax rights between countries is needed. Profits must be taxed where they are earned. Now we can face this next challenge with renewed determination and optimism,” he said.