SleepyJoe Posted June 9, 2021 Share Posted June 9, 2021 Now the fighting begins over the detail Quote Link to comment Share on other sites More sharing options...
Amadeus Posted July 2, 2021 Share Posted July 2, 2021 U.S. Proposal for 15% Global Minimum Tax Wins Support From 130 Countries https://www.nytimes.com/2021/07/01/business/global-minimum-tax.html Quote Link to comment Share on other sites More sharing options...
Derek Flint Posted July 2, 2021 Share Posted July 2, 2021 Imagine a world where there was no tax advantage, where there was a global application of a fair and just system. 1 Quote Link to comment Share on other sites More sharing options...
pongo Posted July 2, 2021 Author Share Posted July 2, 2021 https://www.manxradio.com/news/isle-of-man-news/isle-of-man-backs-15-global-tax-proposals/ Quote Island among 130 OECD members to support plans The Isle of Man has backed plans for a minimum global corporate tax rate of 15%. The Island was one of 130 members of the OECD to support the proposals, following two days of negotiations in Paris. Quote Link to comment Share on other sites More sharing options...
Twitch Posted July 2, 2021 Share Posted July 2, 2021 1 hour ago, Derek Flint said: Imagine a world where there was no tax advantage, where there was a global application of a fair and just system. I'm trying to imagine the Isle of Man without a tax advantage and where that will leave us. 1 Quote Link to comment Share on other sites More sharing options...
Gladys Posted July 2, 2021 Share Posted July 2, 2021 20 minutes ago, Twitch said: I'm trying to imagine the Isle of Man without a tax advantage and where that will leave us. How many large multinationals are based here? 1 Quote Link to comment Share on other sites More sharing options...
pongo Posted July 2, 2021 Author Share Posted July 2, 2021 2 hours ago, Gladys said: How many large multinationals are based here? AFAIK - this does not only impact large multinationals. That I think has always been a misunderstanding. There are two strands to the G7 agreement AFAIK: 1. Concerns large corporations and where their profits are taxed. 2. Sets a minimum rate of corporation tax. The second point certainly would affect the island. If my understanding of what has been agreed is correct. My understanding is that the minimum rate is exactly that. Quote Link to comment Share on other sites More sharing options...
SleepyJoe Posted July 2, 2021 Share Posted July 2, 2021 3 hours ago, Twitch said: I'm trying to imagine the Isle of Man without a tax advantage and where that will leave us. Hope Tynwald members will ask Chief Minister Howard Quayle to elaborate on his viewpoint that 'the Island is well placed to adapt to these reforms' when neighbouring Ireland has withheld support for the proposals Is it a perspective that might be reached as a retiring member of the House of Keys? 1 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted July 2, 2021 Share Posted July 2, 2021 4 hours ago, pongo said: https://www.manxradio.com/news/isle-of-man-news/isle-of-man-backs-15-global-tax-proposals/ Was there realistically any option for the "independent" IoM? 3 Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted July 2, 2021 Share Posted July 2, 2021 4 hours ago, Twitch said: I'm trying to imagine the Isle of Man without a tax advantage and where that will leave us. With spuds, an' what's left of the herrin' With a fossil-fuelled TT in the face of a world of electrification And some rather attractive sheep.... 1 Quote Link to comment Share on other sites More sharing options...
SleepyJoe Posted July 2, 2021 Share Posted July 2, 2021 Longer quote from Quayle on the Iomtoday website so there must have been a press release Wonder if Treasury wrote it for him? Quote Link to comment Share on other sites More sharing options...
pongo Posted July 2, 2021 Author Share Posted July 2, 2021 12 minutes ago, Non-Believer said: With spuds, an' what's left of the herrin' With a fossil-fuelled TT in the face of a world of electrification And some rather attractive sheep.... It's a fantastic place to be based. Especially for people who work remotely and enjoy the outdoors. And 15% will still be very much lower than most places. Quote Link to comment Share on other sites More sharing options...
Roger Mexico Posted July 2, 2021 Share Posted July 2, 2021 29 minutes ago, Non-Believer said: Was there realistically any option for the "independent" IoM? No, here's the full list. It's basically everyone the US is on speaking terms with, and all the British-related ones are there including the Caymans and BVI as well as the CI etc. As usual implementation will be the key. Quote Link to comment Share on other sites More sharing options...
Non-Believer Posted July 2, 2021 Share Posted July 2, 2021 13 minutes ago, pongo said: It's a fantastic place to be based. Especially for people who work remotely and enjoy the outdoors. And 15% will still be very much lower than most places. I agree but lots might not if they don't fall into the classes above. And for company accountants and tax wallahs looking at the bottom line, 15% is a big jump from 0% if there's no advantage to be had over other 15% jurisdictions? Quote Link to comment Share on other sites More sharing options...
pongo Posted July 2, 2021 Author Share Posted July 2, 2021 1 minute ago, Non-Believer said: I agree but lots might not if they don't fall into the classes above. And for company accountants and tax wallahs looking at the bottom line, 15% is a big jump from 0% if there's no advantage to be had over other 15% jurisdictions? Perhaps it becomes an opportunity to shift the emphasis and reduce personal taxation. Potentially making it an even better place for the remotely / remotely self-employed to be based. Quote Link to comment Share on other sites More sharing options...
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