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UK FINANCIAL CENTRE TERRITORIES REACT TO G7 GLOBAL CORPORATE TAX AGREEMENT: ISLE OF MAN

UK Territories 10 Jun, 2021 Follow News

UK FINANCIAL CENTRE TERRITORIES REACT TO G7 GLOBAL CORPORATE TAX AGREEMENT: ISLE OF MAN

The government of the Isle of Man has said it needs more detail before it can assess the impact of the proposed G7 15 per cent tax global corporate rate on its economy.

Isle of Man’s Treasury Minister, Alfred Cannan said the deal as it stands is only an outline of an overall strategic policy.

The historic agreement will now be considered by G7 leaders meeting in London this weekend and at upcoming meetings of the wider G20 group of nations.

The intended global minimum corporation tax rate would conflict with Isle of Man’s current tax system.

The British Crown Dependency only applies corporate taxation on large retailers, banking businesses, land and property at rates of 10% and 20% respectively which experts say puts it at odds with the G7 plan.

“We're going to need to understand the interactions from country to country in terms of how this taxation applies, so at the moment we're long on the overall strategic direction but we don't have a lot of detail. Until we get that detail and understand that, only then we'll begin to understand what and how they will impact on the island and indeed what position then we would be adopting,” Mr Cannan said in an interview on Isle of Man’s Manx Radio.


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