Cyprus has transposed into local legislation the Council Directive on Global Minimum Tax.The law will be effective for financial years beginning on or after 31 December 2023 in relation to the IIR and for financial years beginning on or after 31 December 2024 in relation to the UTPR and domestic top-up tax.The Transitional CbCR Safe Harbor and Transitional UTPR Safe Harbor are available. Executive summaryOn 12 December 2024, the Cyprus House of Representatives voted to transpose into law Council Directive (EU) 2022/2523 of 14 December 2022 to ensure a global minimum level of taxation for multinational enterprise (MNE) groups and large...