Chief Minister has commented on the inclusion of the Isle of Man in the OECD Inclusive framework

The Chief Minister Howard Quayle has commented on the islands inclusion into the OECD/G20 inclusive framework. This framework’s goal is to ensure large multinational enterprises pay their fair share in taxes.

The framework has a two pillar plan with a objective of creating an even playing field and ensure that multinationals pay a fair share of tax wherever they operate.

Pillar One will ensure a fairer distribution of profits and taxing rights among countries with respect to the largest MNEs, including digital companies. It would re-allocate some taxing rights over MNEs from their home countries to the markets where they have business activities and earn profits, regardless of whether firms have a physical presence there.

Pillar Two seeks to put a floor on competition over corporate income tax, through the introduction of a global minimum corporate tax rate that countries can use to protect their tax bases.

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