Cyprus MOF Seeks Comments on Bill to Implement Pillar 2 Global Minimum Tax

The Cypriot Ministry of Finance Oct. 3 opened a consultation on a draft bill to ensure a 15 percent global minimum tax rate for Cypriot members of multinational enterprise (MNE) and large-scale domestic groups, to align with OECD Pillar 2 and EU Directive 2022/2523. The proposal includes measures to: 1) apply if annual turnover in at least two of the preceding four fiscal years of the ultimate parent’s consolidated financial statements, is at least 750 million euros (US$US$791.2 million); 2) introduce a qualified domestic minimum top-up tax (QDMTT) on domestic excess profits of component low-tax entities; 3) allow for the ...