The Chief Minister Howard Quayle CBE MHK has commented on the agreement between 130 member jurisdictions of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) – including the Isle of Man – to join a new two-pillar plan to reform international taxation rules.
This agreement builds on the recent G7 announcement and is the next step towards important changes to the way in which the largest multinational companies will be taxed in future years.
The Chief Minister said:
'As a small, forward-looking jurisdiction, with an open economy, we are well placed to respond positively and adapt to these international tax reforms. Our record over the past two decades of adopting international tax standards demonstrates this.
'The Isle of Man’s long-standing policy is to support international standards developed by organisations like the OECD that are adopted globally and provide for a level playing field. We support the Inclusive Framework proposals announced today by the OECD and will continue to work with the Inclusive Framework as it addresses the technical details and will continue to engage closely with our partners and the other Crown Dependencies.'