Key Aspects – Economic Substance Requirements For Guernsey

1 Introduction

Like other offshore jurisdictions, Guernsey will be implementing new legislation introducing economic substance requirements for companies in Guernsey. This briefing note sets out key aspects of the Guernsey Government proposed legislation, noting that further, more comprehensive guidance notes, will follow in due course.

The proposed legislation is relevant to all companies resident for tax purposes in Guernsey and will be effective for accounting periods commencing on or after 1 January 2019. It is proposed that the Guernsey company tax return will be redesigned as all tax resident companies will be required to provide additional information concerning their activities and income.