Deloitte is hosting breakfast briefings in Jersey and Guernsey in October – Economic Substance, Are You Ready? – to explore the expected framework of the new economic substance legislation.
The proposed legislation follows the commitment by the governments of Jersey, Guernsey and the Isle of Man to the EU Code of Conduct Group to introduce new economic substance legislation by the end of 2018.
The free-to-attend breakfast briefings, which will be hosted by Deloitte Tax Partners Jo Huxtable and Martin Rowley, will examine:
• The background to the changes and why they are important to the local business community
• The critical aspects of the proposals and which types of entities may be affected
• Examples highlighting the more complex areas
• Additional administration and compliance that may result for corporate service providers
• Areas of concern that may need to be covered in the guidance, which is expected to supplement legislation implemented by 31 December 2018.
Martin Rowley commented: "The economic substance proposals have yet to be published in final form, but there's a certain amount of information available in documents produced by the Code Group and in the consultation documents circulated by the governments of Jersey and Guernsey in recent months.
"The new rules are expected to be incorporated into revised tax returns for companies for accounting periods starting on or after 1 January 2019, and it’s likely there will be sanctions levied against companies that are unable to comply with the new rules.
"While final details remain to be clarified, it is already clear that review and action by affected organisations will be essential and should be undertaken imminently."
• The Guernsey seminar will be held on 11 October at the Duke of Richmond Hotel, Somerset Suite; the Jersey event is on 12 October at The Royal Yacht Hotel, Celestial Hall. Both are from 8am to 9.45am.
• To confirm a place, email ukgurmarketingevents@deloitte.co.uk or call 01481 703285.