Cyprus: Public consultation on draft legislation implementing Pillar Two global minimum tax
The bill would impose a minimum effective tax rate of 15% on entities belonging to multinational enterprise groups or a large-scale domestic group.
Public consultation on draft legislation implementing Pillar Two global minimum tax
The Ministry of Finance released a harmonisation bill entitled, The Law on Ensuring a Worldwide Minimum Level of Taxation of Multinational Enterprises Groups and Large Domestic Groups in the Union 2023, to provide a minimum level of taxation of multinational enterprise groups and large domestic groups in the EU (also known as Pillar Two).
The bill, which incorporates all the provisions of the EU minimum tax directive, would impose a minimum effective tax rate of 15% on entities belonging to multinational enterprise groups or a large-scale domestic group with annual revenues exceeding €750 million.
The Ministry of Finance invites comments to nsyrimi@mof.gov.cy no later than 31 October 2023.
Read an October 2023 report prepared by the KPMG member firm in Cyprus
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