On 10 October 2023, the Ministry of Finance introduced a harmonizing bill entitled “Ensuring a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Act of 2023” and invited stakeholders for comments.
The Ministry of Finance has prepared this bill in the context of harmonization with Council Directive (EU) 2022/2523 of 14 December 2022 on ensuring a global minimum level of taxation of multinational enterprise groups and large-scale domestic groups in the Union, also known as Pillar Two. The proposed bill establishes a framework for imposing a minimum effective tax rate of 15% on multinational business groups or large-scale domestic entities with annual revenues exceeding €750 million.
The Ministry of Finance invites stakeholders to submit their comments in word format, to the email address nsyrimi@mof.gov.cy no later than 31 October, 2023.
