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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