Guernsey's new Substance Requirement Law is
enhancing the island's international compliance even further,
says Trust
Corporation International Chairman Michael Betley in
eprivateclient's 2019 Guernsey Report, A Global
Island.
Guernsey, together with the other Crown Dependencies of Jersey
and the Isle of Man, has implemented new legislation introducing
economic substance requirements for tax-resident companies with
effect from 1 January 2019.
The new requirements are relevant to all companies resident for
tax purposes in Guernsey and for accounting periods commencing on
or after 1 January 2019. Guernsey company tax returns will require
all tax-resident companies to provide additional information
concerning their activities together with relevant supplemental
information.
