Isle of Man Treasury Announces Joint Approach to Global Minimum Taxation Rules

The Isle of Man Treasury Department May 19 announced that the Crown Dependencies of the Isle of Man, Guernsey, and Jersey have jointly agreed to implement the OECD’s Pillar Two model rules for domestic implementation of a 15 percent global minimum tax for large multinational enterprises (MNEs), with a global turnover exceeding 750 million euros (US$810.4 million). The announcement further clarified that an income inclusion rule and a domestic minimum tax would be used to implement the 15 percent tax rate, effective 2025. [Isle of Man, Treasury Department, 05/19/23]

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