Jersey has announced the adoption of legislation to implement the Pillar 2 global minimum tax through a new Multinational Corporate Income Tax (MCIT) to ensure an effective tax rate of 15% on Jersey profits of companies and branches of in-scope groups with annual global revenue exceeding EUR 750 million. Jersey will also impose a top-up tax on low-taxed profits outside of the Island under the Pillar 2 Income Inclusion Rule (IIR). Jersey will not apply the Undertaxed Profits Rule (UTPR). The …