Switzerland will introduce the minimum tax rate for large multinational companies agreed by the OECD and G20 member states from Jan. 1 to prevent the erosion of the tax base in favour of other countries, the Swiss government said on Friday.

The tax rate will be implemented in the form of a national supplementary tax, said the government, which added that it will decide on other elements of the OECD/G20 regulatory framework at a later date.

(Writing by Miranda Murray, Editing by Rachel More)