Guernsey aligns with Jersey and Isle of Man on approach to OECD’s Pillar Two Framework
Guernsey, Jersey and the Isle of Man (‘the Islands’) have made a joint statement on their intentions in respect of the global initiative to set a minimum effective tax rate for the world’s largest multinational enterprises. The Islands intend to implement an “Income Inclusion Rule” and a domestic minimum tax to provide for a 15% effective tax rate for large in-scope multinational enterprises, from 2025. Although they will monitor implementation internationally and adapt accordingly to developments which may require adjustments to our own implementation plans.