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

by THEFUTURE.TEAM

August 27, 2024

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.

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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.

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Tesla’s Cybercab Launch Raises New Questions About Safety And Design

by THEFUTURE.TEAM

September 7, 2026

Tesla’s private Cybercab event marked a departure from the large, livestreamed spectacles the company typically stages. CEO Elon Musk did not take the stage, and the keynote reportedly lasted about 15 minutes, leaving much of the detail to PDFs, updated “Robotaxi” app terms and posts from Tesla supporters.

A Big Promise, Light On Details

Cybercab is designed as a fully autonomous vehicle that relies on cameras and artificial intelligence to navigate, with Tesla aiming to offer it at a lower price than rivals such as Waymo. Many practical details, however, remain scattered across Tesla’s documentation.

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That puts greater focus on proving the vehicle is safe for passengers and meets regulatory requirements. The National Highway Traffic Safety Administration has already opened an investigation into Tesla’s Cybercab rollout, making execution more important than the subdued product launch.

Cybercab Restricts Riders Under 13

Tesla does not currently allow children under 13 to ride in Cybercab. By comparison, its “Robotaxi” Model Y SUVs can carry passengers ages 8 to 17 when the company’s child-seat guidance is followed.

Cybercab lacks standard LATCH anchors, so child seats must be secured with seat belts. Tesla says passengers under 18 must be accompanied by an adult in both vehicle types. The decision is notable given Tesla’s emphasis on simplifying vehicle design and reducing costs. It also leaves questions about how the vehicle will be used by families.

What Happens In A Crash

Tesla’s documentation says Cybercab will deploy airbags, unlock its doors, activate hazard and interior lights, disable the high-voltage battery and move its windows to the “vent” position after a crash.

The vehicle will also apply the brakes, stop and park, then establish a two-way connection between its infotainment system and Tesla’s rider support team.

Automatic door unlocking is notable because Tesla has faced scrutiny over electronic door latches in the US and China. Last month, the company agreed to recall 3 million vehicles in China, alongside other automakers, after regulators investigated electronic latches that could prevent occupants from exiting after a crash.

Manual Door Releases Are Easier To Find

Tesla has also faced criticism over the placement of manual door releases, which can be needed when electronic latches fail or power is lost.

Cybercab uses electronic latches that open automatically at the start or end of a ride, while a small exterior button can also open the doors. Inside, the manual release is positioned visibly on each door’s armrest.

Brake-By-Wire Fits Tesla’s Cost-Cutting Approach

Cybercab uses brake-by-wire instead of a conventional hydraulic system, with electronic actuators controlling the brake calipers.

“Having electric brakes avoids the complexity of a hydraulic system: no need to rout [sic] plumbing all around the car,” Musk wrote on X. Tesla has taken a similar approach with the Cybertruck, which uses steer-by-wire instead of a physical connection between the steering wheel and front wheels.

Small Comforts, Unanswered Questions

Tesla’s documentation says Cybercab’s windows “cannot be fully opened at this time,” without explaining why. Influencer Jeremy Judkins also said on X that the vehicle’s USB-C ports provide 90 watts of power, roughly four times the typical output in a car.

Those details are secondary to the larger question facing Tesla. Cybercab could become a major part of the company’s business if it performs as promised, but Tesla must first demonstrate that its camera-only autonomous system can operate safely on public roads and satisfy regulators.