Cyprus Ministry of Finance said on Friday it will introduce a 15% minimum corporate tax rate on multinational and domestic groups or companies with a combined annual turnover of at least €750 million while examining ways to mitigate any possible adverse impact on the Cypriot economy, CNA reports.
Trade relations between the EU and Cyprus are governed by the association agreement signed on 19 December 1972.
The signing of this agreement was followed by four technical and financial cooperation protocols bringing the agreement into line with recent developments. The protocol signed on 19 October 1978 defining the conditions and procedures necessary for the implementation of the second phase of the agreement, which provides for the establishment of a customs union in two stages, is particularly important. Since 1 January 1998, only a few industrial and agricultural products have been excluded from the system of free movement of goods. That date brought the dismantling of the last obstacles to free trade, with a view to the establishment of a customs union to be finalized by the year 2002.
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