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Statement on meeting of G7 finance ministers and central bank governors

Saturday, 5 June 2021

The Isle of Man Government acknowledges today's commitment by the finance ministers and central bank governors of the G7 to a global minimum corporate tax rate of 15% as well as an equitable solution on where taxation should be paid by multinational companies in an increasingly global and digital economy.

Formal negotiations are continuing within the Organisation for Economic Co-operation and Development (OECD), ahead of a meeting of the 139 member jurisdictions of the OECD Inclusive Framework on Base Erosion and Profit Shifting, which takes place 30 June - 1 July 2021.

Chief Minister Howard Quayle MHK said:

"As a forward thinking, small but agile, open economy the Isle of Man is well placed to adapt and respond to international standards as they evolve. Our record over the past two decades 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."

Minster for the Treasury Alfred Cannan MHK said:

"Today's agreement at the G7 is an important step towards a potential global political agreement by the Inclusive Framework on Base Erosion and Profit Shifting. If global political agreement is reached significant further work will need to be undertaken at a global level in the coming months and years to bring these rules into operation. The Isle of Man will of course continue to engage closely with partners on the final detail of the framework.

"I recently announced a review of the Island's economic strategy and taxation is a key part of this. We must seek to ensure that the island continues to meet international standards while remaining competitive and an attractive place to live, work and do business."

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