Treasury Minister David Ashford MBE MHK today welcomed the publication of a policy paper by Jersey on the reforms to international tax rules currently being finalised by the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS).
Minister Ashford said:
‘Today’s paper aligns with the Isle of Man’s own thinking on this topic and also with the reactions the Assessor has been receiving in recent months as she engages with relevant businesses. This is no surprise as we have worked closely with Jersey and Guernsey throughout the development of the OECD’s new two-pillar solution to reform international taxation rules.
‘No final decisions have been made on our response to the two-pillar plan but I am mindful that the business community values certainty, stability and a consistency of approach with the Channel Islands.
‘We will continue to engage with relevant local businesses and to work with our Jersey and Guernsey colleagues. A decision on the Isle of Man’s final response will also depend on when and how this complex two-pillar plan starts to be implemented in other jurisdictions and will be taken on the grounds of what is best for the Island in the long-term.’
The two-pillar plan will be relevant only to a relatively small number of businesses in the Isle of Man which are part of large multinational groups. To discuss this topic or provide comments, contact the Income Tax Division.