Cyprus MPs vote for 15% corporate tax

The Cyprus Parliament was busy on Thursday, voting on a series of important bills that could reshape the island's economic landscape and support families. Among the most notable pieces of legislation were those addressing corporate taxation, parental leave and childbirth allowances.

The corporate taxation bill provides for imposing a 15% minimum tax on the profits of multinational companies with annual revenues exceeding 750 million euros. The bill was introduced to comply with an EU directive known as "Pillar 2," which seeks to establish a global minimum tax rate for large corporations. The law was passed without controversy, as the government was facing the threat of economic sanctions from the European Court of Justice due to its delayed implementation.

The new tax will impact around 1,900 companies in Cyprus. While this is expected to boost state revenues by an...