Cyprus Finance Minister denies corporate exodus over OECD tax rules

Cyprus Finance Minister Makis Keravnos has denied reports that large companies are leaving the country due to the implementation of the OECD Pillar Two 15% minimum tax rate. Keravnos stated there is no information supporting claims of corporate departures, attributing such reports to individual voices or obsessions. He noted that the Ministry of Finance is preparing an amending bill following a decision by the European Commission to ensure compliance with OECD obligations.

Regarding domestic economic indicators, Keravnos commented on the Consumer Price Index, which reached 3.5%. He noted that inflationary pressures remain more limited than the previously forecasted 4%. Additionally, addressing a reported 7.2% increase in unemployment for August 2026, the Minister explained that this figure is not representative of a broader trend but rather a momentary snapshot caused by the expiration of specific employment contracts.