The Cabinet has not yet decided whether to sign on to the Global Minimum Tax regime but expects a report on the matter from consultants by the end of June, according to Premier Dr. Natalio “Sowande” Wheatley.

“The Global Minimum Tax initiative is not an international standard,” Dr. Wheatley said in response to a question from opposition member Marlon Penn during a House of Assembly meeting earlier this month. “Jurisdictions are working on their own timelines to implement the initiative in the most appropriate way.”

Rival financial hubs in the region have already moved on the issue, with the Cayman Islands rejecting the GMT and Bermuda accepting it.

The GMT levy requires firms with a turnover of at least 750 million euros for three consecutive years to pay a 15 percent baseline tax rate where they operate.

The Organisation of Economic Cooperation and Development spearheaded the initiative, which supporters say is aimed at stopping an international race to the bottom on tax rates.


During the May 2 HOA meeting, Mr. Penn called for consultation on the matter in the territory.

“How and when are we going to engage the public on this?” he asked. “Because this is a very important shift.”

Dr. Wheatley responded that there would be “consultation with stakeholders” after the Cabinet has considered the consultants’ report.

“It is not a foregone conclusion that any changes will be made,” he said. “Whatever we decide, we want maximum buy in.”


The GMT reform came in at the beginning of January in 55 countries, such as European Union members, the United Kingdom, Japan and South Korea.

However, holdouts included the United States and China.

Though the current Conservative UK government, which is currently fighting for re-election in July, backs the GMT, it has been reluctant to impose the reform on overseas territories.

Baroness Vere of Norbiton, a UK Treasury minister, told the British Parliament in February that OTs “set their own tax legislation within their own legal structures, and it is certainly not for the UK government, or Parliament, to drive a coach and horses through that.”