The Isle of Man Tynwald (parliament) approved the Global Minimum Tax (Pillar Two) Order 2024 on 21 November 2024. The Order provides for the implementation of: A Qualified Domestic Minimum Top-up Tax (QDMTT), referred to as Domestic Top-up Tax, which means that multinational enterprises (MNEs) will pay a minimum of 15% taxation on the profits that they generate in the Isle of Man; and An Income Inclusion Rule (IIR), referred to as Multinational Top-up Tax, which applies to the very small number of MNEs that have their ultimate parent entity in the Isle of Man or, in certain limited situations,...