Opens in a new tab

Breaking news

Cyprus Implements EU-Mandated 15% Tax Rate On Large Multinationals

Cyprus is set to introduce a 15% minimum tax rate for large multinational corporations, in compliance with the EU directive aimed at harmonising tax policies across member states. The move, endorsed by Cyprus’ Finance Minister Makis Keravnos, is expected to generate over €200 million in additional revenue. This decision, while marking a significant shift from the current 12.5% rate, aligns Cyprus with the broader OECD-led initiative to establish a global minimum tax rate. Despite concerns, Keravnos reassured that the change is unlikely to drive multinationals out of the country, as the directive applies EU-wide.

This adjustment reflects a crucial step in Cyprus’ ongoing efforts to maintain competitiveness while adhering to international tax standards. With the proposal now before the Cabinet and soon to be discussed in Parliament, the nation is poised to balance its attractive tax regime with the demands of a globalised economy.

The introduction of this tax rate signals Cyprus’ commitment to international cooperation on tax matters, aiming to prevent profit-shifting practices that have historically allowed large corporations to minimise tax liabilities. For Cyprus, a key hub for multinational firms, this move could redefine its positioning in the global business landscape, ensuring it remains a compliant yet competitive destination for international business.

While the increase may seem minor, the 15% rate represents a broader shift in global tax policy, driven by a collective effort to create a more level playing field for taxation. For Cyprus, traditionally seen as a tax-friendly jurisdiction, this could challenge its status, pushing it to leverage other competitive advantages beyond low tax rates, such as a robust legal framework, strategic location, and skilled workforce. The long-term impact on foreign direct investment will be a critical metric to watch as this policy unfolds.

Real Or Artificial Christmas Tree: Which Is Better For The Environment?

Choosing between a real and artificial Christmas tree is an annual dilemma, but the environmental impact depends on more than the type of tree. Its production, transport, how long it is used and what happens to it after the holidays all matter.

Artificial trees can spread their manufacturing footprint over many years, while locally grown real trees can be a lower-impact option if responsibly sourced and properly recycled. Renting a living tree is another alternative.

Artificial Trees Need Years Of Use To Be Sustainable

The environmental case for artificial trees depends largely on how long they remain in use. Manufacturing and transporting plastic trees generates emissions, which are spread over each year of use.

According to the Carbon Trust, an artificial tree needs to be used for seven to 20 years to have a lower carbon footprint than a real one.

However, some consumers replace artificial trees much sooner. Research published in 2017 found that 14% of artificial-tree buyers in the UK planned to discard theirs after just one season.

“If you’ve got a fake tree already, keep using it – make it last as long as possible,” says Emi Murphy, a tree campaigner at Friends of the Earth. She recommends considering more sustainable alternatives when an existing tree eventually needs replacing.

Buying a secondhand artificial tree from a charity shop or online marketplace can also avoid the environmental costs of manufacturing a new one.

Choosing A Responsibly Grown Real Tree

For households that do not plan to keep an artificial tree for many years, a fresh-cut tree may be a better option, particularly if it is grown locally and responsibly.

Certification from the Forest Stewardship Council (FSC) can help identify trees from responsibly managed sources. Buying locally can also reduce transport emissions, as many trees sold across Europe are shipped from major producers in countries such as Denmark and Germany.

Consumers can ask suppliers where their trees were grown and how the land is managed. Buying directly from a nearby farm can also support regional growers.

Renting A Living Christmas Tree

Renting a potted tree offers another option. Customers receive a living tree for the holiday season and return it afterwards so it can be cared for and reused.

London Christmas Tree Rental delivers potted trees in early December and collects them after the holidays. Co-founder Catherine Loveless said the idea came from concerns about trees being grown for only a few weeks of use before being discarded.

“It just felt so wasteful for these beautiful trees to grow just for the sake of three weeks of our pleasure,” Loveless told Euronews Earth.

However, the environmental benefits depend on whether the tree stays healthy, survives after collection and can be reused in subsequent seasons. Transport and ongoing care also need to be considered.

How To Dispose Of A Christmas Tree

What happens after the holidays is another important part of a tree’s environmental footprint.

According to the Carbon Trust, an average two-metre real tree sent to landfill produces around 16 kilograms of carbon dioxide, as well as methane during decomposition. Chipping or burning the tree can reduce its carbon footprint by up to 80%.

Households should check whether their local authority offers Christmas tree collection. Collected trees may be chipped for paths or composted for use in public green spaces.

Artificial trees are more difficult to recycle because they combine materials such as plastic and metal. If a tree is still in good condition, donating it to a charity, church or community organisation can extend its useful life and prevent unnecessary waste.

Which Christmas Tree Is The Best Choice?

There is no single answer for every household. Keeping an artificial tree for as long as possible is often the most practical option if you already own one. Those buying a real tree can reduce its impact by choosing a responsibly grown local option and arranging proper recycling. Renting a living tree may also work where providers can reliably collect, maintain and reuse it.

Ultimately, the most sustainable choice depends on making the tree last, reducing unnecessary transport and planning how it will be reused or disposed of after the holidays.

eCredo
Aretilaw firm
The Future Forbes Realty Global Properties
Uol

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter