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G7 plans threaten Manx tax model

New global code could be agreed by next week

The Manx government's zero-ten tax regime is under threat by plans by the world's leading economies.

Negotiators for the G7 look set to agree on the principles of a new global minimum corporation tax.

The idea of a new global code to trap corporate tax avoiders could be agreed to as a early as next week, according to a report in the Times.

An outline deal will be on the table next week as G7 finance ministers meet at Lancaster House in the UK. 

It's understood the UK, which holds the G7 presidency this year, is holding out on any agreement until the rules are reformed to cover digital companies.

Chief Minister Howard Quayle has warned that threats to the Island's zero-ten tax regime will be the biggest challenge facing the next administration.

Government has been contacted for comment.   

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