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Category: Competition / Regulation  Financial  Local Business News  States of Jersey

Economic Substance Updates - No.1

Dec 20, 2018

Welcome to the first Economic Substance Update, produced by the Taxes Office. This supplements the information provided on the States Websites - EconomicSubstanceForCompanies page.

Progress of the Taxation ( Companies- Economic Substance) ( Jersey ) Law

The States Assembly will debate the proposed Law, in the current sitting. No amendments have been proposed in the lodging period.

The scrutiny review by the Economic Affairs Panel was released on the 30th November and is available at Scrutiny Review Link.

Further Guidance.

Whilst we have not yet been able to publish further joint guidance with the other Crown Dependencies, the Taxes Office is publishing a series of questions it has been asked and the responses given.
These will be added to if there are further questions where they are best dealt with in this format. They are available from today on the EconomicSubstanceForCompanies page.

Update on other developments

The OECD announced that it would be resuming application of the substance factor for no and nominal tax jurisdictions. The document can be found here: oecd-resumption-application-of-substantial-activities-factor

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