The government of Jersey has announced that for accounting periods starting on or after 1 January 2025 in-scope Jersey companies and branches of multinational groups will pay an effective rate of 15% on their Jersey profits under the new Multinational Corporate Income Tax (MCIT). Jersey’s MCIT applies the OECD Model Rules and takes account of certain instances of double taxation.
Jersey will also impose a top-up tax on low-taxed profits outside of the Island under the OECD’s Pillar Two Income Inclusion Rule (IIR) but will not apply the Undertaxed Profits Rule (UTPR).
The government of Jersey also expects to introduce a new ‘Pillar 2-compliant’ Qualifying Refundable Tax Credit (QRTC) regime which it says will incentivise business growth and deepen business ties with the Island.
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The government of Jersey has announced that for accounting periods starting on or after 1 January 2025 in-scope Jersey companies and branches of multinational groups will pay an effective rate of 15% on their Jersey profits under the new Multinational Corporate Income Tax (MCIT). Jersey’s MCIT applies the OECD Model Rules and takes account of certain instances of double taxation.
Jersey will also impose a top-up tax on low-taxed profits outside of the Island under the OECD’s Pillar Two Income Inclusion Rule (IIR) but will not apply the Undertaxed Profits Rule (UTPR).
The government of Jersey also expects to introduce a new ‘Pillar 2-compliant’ Qualifying Refundable Tax Credit (QRTC) regime which it says will incentivise business growth and deepen business ties with the Island.
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