GloBE Country Guide: Cyprus

Summary

Status	Enacted Law
Law	On June 26, 2026, Cyprus issued Decree No. 272/2026 which lists additional OECD/G20 Inclusive Framework materials issued after the enactment of the Cyprus Pillar Two law in December 2024, including the January 2025 Administrative Guidance, the January 2025 GloBE Information Return, the 2025 Consolidated Commentary, the 2025 Examples, and the January 2026 Side-by-Side package. On 12 December 2024, the Cyprus House of Representatives voted to approve local legislation to implement Pillar 2. The Law was published in the Official Government Gazette on December 18, 2024. Draft Law of October 18, 2024 Ministry of Finance announcement on OECD Safe Harbours
Effective Date	Accounting periods beginning on or after December 31, 2023
IIR	Yes (2024)
UTPR	Yes (2025)
QDMTT	Yes (2025)
Filing Deadlines	Standard
Safe Harbours	On July 24, 2024, the Ministry of Finance announced the domestic application of all OECD Safe Harbours as provided in the Safe Harbours & Penalty Relief Guidance and other Administrative Guidance.

Legislation
General
Differences to Model Rules
Qualifying Domestic Minimum Top-Up Tax
Administration and Filing
Penalties

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Lee Hadnum

Lee is a qualified Chartered Accountant and a former Senior Tax Analyst at Bloomberg Tax. Lee began his career in Ernst & Young's Entrepreneurial Services department and has 20 years of international tax planning experience.

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