Tax Havens Race to Lure Companies as 15% Global Levy Looms

The 15% global minimum tax, part of the 2021 global tax pact agreed to by more than 140 countries, seeks to end the “race to the bottom” that has nations competing to offer the lowest corporate tax rates to draw big business investment to their shores.

Now, a new race has begun. For many of the countries traditionally thought of as “havens”—especially tiny islands in the Caribbean—corporate investment is their economic lifeblood. With the minimum tax on big companies eliminating their ability to offer low taxes, countries are scrambling to overhaul their tax systems and create new incentive programs to ...