Revenue Service Guidance on the Economic Substance Requirements and the implications of COVID-19
The Guernsey Revenue Service has published guidance on how economic substance requirements are affected by the various COVID-19 measures. As this is office Revenue Service guidance, it supersedes the guidance that GIBA published in March. We issued that guidance based on what we knew at the time, which did not include how the EU Code of Conduct Group viewed the impact of COVID-19 measures on substance requirements. The Revenue Service now know that and this is the official guidance based on their discussions with the Code Group.
We would recommend companies consider their own individual circumstances in light of this new information.
More information can be found here: