On 15 December, the European Commission announced the official adoption of the minimum tax rate across its territory, effective as of 1 January 2024, less than one year from now. The relevant European Directive must be transposed into law by all Member States without exception, including, of course, Cyprus. At international level, around 140 OECD member countries had already reached an agreement in October 2021. It was, therefore, only a matter of time before the Member States of the EU would unanimously agree to adopt the Directive, despite the reservations expressed initially by Poland and later on by Hungary. Based … Continue reading Minimum tax rate of 15% an EU reality
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Minimum tax rate of 15% an EU reality
On 15 December, the European Commission announced the official adoption of the minimum tax rate across its territory, effective as of 1 January 2024, less than one year from now. The relevant European Directive must be transposed into law by all Member States without exception, including, of course, Cyprus. At international level, around 140 OECD member countries had already reached an agreement in October 2021. It was, therefore, only a matter of time before the Member States of the EU would unanimously agree to adopt the Directive, despite the reservations expressed initially by Poland and later on by Hungary. Based … Continue reading Minimum tax rate of 15% an EU reality