Finance Ministry defends Cyprus minimum tax rules amid AmCham concerns on investment impact
The Cyprus Finance Ministry has defended the implementation of the OECD/G20 Pillar Two global minimum tax rules after the American Chamber of Commerce in Cyprus (AmCham) raised concerns over potential negative effects on foreign investment and employment. Finance Minister Makis Keravnos dismissed claims of a corporate exodus as unfounded, emphasizing that the rules apply only to large multinational groups with revenue above €750 million and that not all such companies would pay additional tax.
AmCham Cyprus called for a balanced, evidence-based approach to the tax framework, warning that some US multinational companies could reconsider investment or expansion plans if Cyprus’ competitive position diminishes. The chamber highlighted the strategic importance of US investment, which totals approximately $14.9 billion and supports thousands of jobs across various sectors.
While citing concerns over future investment flows and competitiveness, AmCham urged an independent impact assessment and structured consultations with stakeholders to safeguard Cyprus’ position as a regional business hub. The organization remains committed to collaborating with government bodies to ensure Cyprus meets international standards without jeopardizing economic growth and employment.
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