Most leading captives have signed up to the OECD / G20 Inclusive Framework on Base Erosion and Profit Shifting and the two-pillar solution to address the tax challenges posed by the digitalisation of the economy, including a minimum global tax rate of 15  Bermuda, the Cayman Islands, Guernsey, Luxembourg, Singapore, the Isle of Man, the British Virgin Islands, Malta and Hong Kong have all signed a new framework for international taxation following the OECD meeting on 1 July. , 131 jurisdictions have signed the agreement. However, nine territories have not yet been signed, including Ireland and Barbados.
Bermuda's Minister of Finance, Curtis Dickinson, said in a statement: “We intend to remain an active participant in the ongoing work on the inclusive framework to complete the development of an appropriate plan. We have noted problem areas at the technical and practical level, which we look forward to working to solve constructively in the coming months.