Isle of Man Treasury Announces Tax Strategy for 2024-26

The Isle of Man Treasury Department Feb. 20 announced the tax strategy for 2024-26. The announcement includes proposals to: 1) impose a minimum global effective tax rate of 15 percent for covered multinational enterprises (MNEs); 2) expand the scope of businesses subject to competitive corporate tax rates; 3) implement changes to the automatic exchange of information (AEOI) in tax matters, under the common reporting standard (CRS) and the Crypto-Asset Reporting Framework; 4) retain the existing national insurance contributions (NIC) regime, individual income tax system, and corporate income tax system; and 5) continue application of customs, excise, and VAT rates under ...