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Cyprus Says It Will Veto EU Directive On Global Minimum Tax

June 3, 2021, 1:42 PM

Cyprus will oppose an EU directive to implement a global minimum tax in the single market, Finance Minister Constantinos Petrides said Thursday.

The proposed directive would impede a member state’s ability to set its own tax rules, Petrides told a hearing of the European Parliament’s Economic and Monetary Affairs Committee.

“We believe that an agreement on a global minimum tax to be transposed into a directive would breach, let’s say, the sovereign rights of member states to formulate tax policy,” he said. “We still believe that determination of the corporate tax is a matter of national sovereignty.”

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