Global Minimum Tax Order comes into force in January
It's hoped new tax rules for large companies registered in the Isle of Man will mean more funds are available for the Island's healthcare, education and infrastructure.
The recently-approved Global Minimum Tax (Pillar Two) Order comes into force on 1 January 2025, and means around 200 Manx-registered companies and 700 entities will be paying a minimum tax rate of 15%.
Treasury Minister Alex Allinson says the international initiative aims to level the playing field, ensuring companies pay tax where they make their profits instead of elsewhere.
With the changes estimated to lead to an extra £35 million revenue annually for Treasury, Minister Allinson believes it will benefit a number of areas:
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