Cyprus FinMin says G7 tax stance may not directly affect it

A decision by the Group of Seven to impose a global minimum tax rate does not seem to directly affect Cyprus, its Finance Minister Constantinos Petrides said on Monday. Cyprus's tax rate is 12.5 percent, but Petrides said its effective taxation was higher than 15 percent.

A decision by the Group of Seven to impose a global minimum tax rate does not seem to directly affect Cyprus, its Finance Minister Constantinos Petrides said on Monday. In a written comment to Reuters Petrides said Cyprus would safeguard its interests, and that the interests of smaller EU member states needed to be acknowledged and taken into consideration.

The G7 has proposed a global minimum tax rate of 15 percent. Cyprus's tax rate is 12.5 percent, but Petrides said its effective taxation was higher than 15 percent.

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