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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.

Trump Administration Launches AI-Powered America.gov With Google Gemini And Elon Musk’s Grok

The Trump administration has unveiled a new chatbot designed to help Americans navigate government websites, powered by artificial intelligence from Google’s Gemini and Elon Musk’s Grok, according to U.S. Chief Design Officer Joe Gebbia.

Gebbia said the system, launched through America.gov, is intended to make federal information easier to find, more current and more reliable. Speaking to CNBC’s Squawk Box shortly before the site went live, he described the initiative as a major step toward modernizing the public-facing digital experience of government.

A Digital Front Door For Government Services

According to Gebbia, the platform connects with roughly 29,000 government websites and scans those sources in real time to answer user questions with information drawn only from official channels.

“You come to America.gov and you ask for what you need, and in a chat interface, we go off on the back end and scan across all those tens of thousands of websites to pull in any information that is specific to whatever your request is, and give you a personalized response that’s only from official sources,” he said. “So there’s no chance of getting outdated or inaccurate information like you might on third-party websites.”

The pitch is straightforward: replace the fragmented, often outdated experience of navigating government portals with a single conversational interface. For a public sector ecosystem spread across thousands of websites, that kind of centralization could prove consequential.

Google Touts Gemini’s Role

Google confirmed its involvement in a blog post published Tuesday, saying it was “proud to be named a technology partner” in what it called a vital initiative. The company said Gemini would help more than 100 million people access public resources “with greater speed and ease.”

Google added that it remains committed to supporting the administration’s digital modernization effort and making public services “seamless, accessible, and responsive for all Americans.” A Google spokesperson referred CNBC to that post for comment.

Musk, Xai And The Broader AI Network

Grok developer xAI, which CNBC reported was acquired by SpaceX and renamed SpaceXAI, did not immediately respond to a request for comment. Gebbia also serves on Tesla’s board, and Tesla uses Grok in its vehicles, placing him at the intersection of government technology, transportation and Musk’s wider AI ecosystem.

The involvement of both Google and Musk-linked technology underscores how public-sector AI adoption is increasingly being shaped by the same companies driving the commercial AI race. That convergence is likely to draw scrutiny as governments seek faster, smarter services without compromising accuracy, neutrality or accountability.

Trump Casts The Launch As A Broader Reset

The site was introduced during a day-long event at Washington’s Andrew W. Mellon Auditorium, attended by President Donald Trump, Vice President JD Vance and other administration officials and business leaders.

“It’s not just simply a website. It’s a restoration of America’s founding promise, and it’s a reinvention of your government for the 21st century and beyond,” Trump said during remarks at the event.

The program also includes panel discussions on artificial intelligence, energy, health, space and agriculture, reflecting the administration’s effort to frame AI as a cross-sector policy priority rather than a narrow technology project.

For Washington, America.gov is more than a consumer-facing chatbot. It is a test case for how far AI can go in reshaping the state’s relationship with citizens—especially when the promise is efficiency, but the expectations are trust, precision, and scale.

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