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ARTICLE · 17 MAY 2019

Update On Economic Substance Rules For Jersey Fund Managers

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The Taxation (Companies - Economic Substance) (Jersey) Law 2019 (the Law) came into effect on 1 January 2019

JerseyFinance and Banking
Emily Haithwaite
Emily Haithwaite
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The Taxation (Companies - Economic Substance) (Jersey) Law 2019 (the Law) came into effect on 1 January 2019 and applies for accounting periods commencing on or after that date.  The new economic substance requirements (the Substance Requirements) apply to certain Jersey tax-resident companies and have been passed in order to comply with the requirements of the EU Code of Conduct Group on Business Taxation for the purpose of demonstrating that the profits generated by Jersey companies which carry on certain specified geographically mobile activities including, in particular, for the purpose of this briefing, fund management business, are commensurate with their economic activities and substantial economic presence in Jersey.

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