The Cyprus House of Representatives reportedly approved the Law on a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups on 12 December 2024, which transposes Council Directive (EU) 2022/2523 of 14 December 2022 for the implementation of the Pillar 2 global minimum tax. The Law provides the introduction of the Pillar 2 income inclusion rule (IIR) and the undertaxed payment/profit rule (UTPR) in order to ensure a minimum tax level of 15% for MNE groups with annual consolidated revenue of at least EUR 750 million in at least two of the last four immediately preceding...