An introduction to proposed legislation for economic substance
New legislation introducing economic substance requirements for companies in the Crown Dependencies will shortly be considered by the respective parliaments.
A consultation on the outline proposals was held between 6 and 31 August 2018. The summary of responses to the consultation is now available.
Economic substance consultation responses summary
Consultation on the introduction of substance requirements for companies tax resident in Jersey
Guidance for companies
The key aspects document details:
- the first level of guidance issued
- how we will implement the law if it's adopted by the States Assembly
The economic substance flowchart shows the legislation's scope. More detailed guidance will be issued at a later date.
Key aspects in relation to proposed economic substance requirements
Economic substance flowchart
Economic substance questions and answers
We were asked questions on the proposed legislation and application. We have reproduced some of these questions and our answers.
Questions and answers on economic substance requirements and the proposed legislation
We are open to discussion on the business impact of the proposed legislation and key aspects document. Comments can be sent to the tax policy unit.
Draft Taxation (Companies - Economic Substance) (Jersey) Law