Thailand will implement a global minimum corporate tax of 15% on multinational enterprises from Jan. 1, 2025, the finance ministry said on Friday.

The ministry said the "top-up tax" would be levied at the globally agreed minimum tax rate, in alignment with the Global Minimum Tax framework which seeks to set a floor on tax competition, the ministry said in a statement.

Under new rules being shepherded by the Organisation for Economic Cooperation and Development (OECD), a minimum 15% tax will be charged on multinationals with an annual global turnover of more than 750 million euros ($781 million), regardless of their location. ($1 = 0.9604 euros)

(Reporting by Orathai Sriring and Kitiphong Thaichareon; Editing by John Mair)