The States of Guernsey has published its guidance on economic substance, having consulted with industry to clarify legislative and reporting requirements to meet the EU Council Code Group’s standards. It has also been working closely with the other Crown Dependencies and the European Commission.
Guernsey's approach requires companies that are tax resident in Guernsey and undertaking specific activities to demonstrate that they have sufficient substance in the island.
Guernsey Finance Chief Executive Dominic Wheatley (pictured) said: “Our government has engaged actively on this issue in a short time frame, and industry has recognised the importance of this issue and engaged accordingly.”
Click here to see the statement from the States of Guernsey and to view the guidance