The European Union's minimum tax directive stipulates that multinational companies with a turnover exceeding €750 million should pay a minimum effective income tax rate of 15 percent.

The aim of the tax system proposed by the OECD is to combat tax havens that attract the headquarters of large international companies.

The U.S, has recently changed its stance on the plan and wants an exemption for its companies.

Estonia is also subject to an exemption, which allows small countries to postpone the introduction of the minimum tax until 2030.

Estonian Minister of Finance Jürgen Ligi (Reform) said that a global tax system, which several large countries are not participating in, will ultimately only reduce Europe's competitiveness. However, the European Union has made it mandatory for its member states.

Estonia is seeking an extension to the exemption, which expires in 2030.

"In Estonia, we are already in a situation where everyone pays the required 15 percent tax burden," Ligi said.

"We are not a problem for the international system, but it is a problem for us if we have to implement this system. This concerns both the costs of businesses and the bureaucracy of tax administration. We cannot assess the pros and cons in detail, but there is practically nothing to gain from it, and there is a lot of trouble," he added.

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