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Are you prepared for economic substance?

Breakfast briefing covering challenges posed by the introduction of the economic substance rules?

Breakfast briefing covering challenges posed by the introduction of the economic substance

Chalkboard, tax, economic, substance, guernsey

Our breakfast briefing asked the question 'Are you and your business are ready for the challenges posed by the introduction of the economic substance rules?'

 

Topics discussed by our Channel Island based economic substance experts covered the following points:

 

  • What entities and service providers need to be thinking about/doing now in response to the economic substances rules
  • The real-life challenges that the rules are creating
  • How to deal with companies incorporated in one jurisdiction but tax resident in another
  • The tax reporting obligations applicable in Guernsey for 2019 and 2020
  • Their thoughts on how the economic substance rules might evolve in the future
  • How KPMG in the Channel Islands can help you navigate these challenges

 

We are delighted to welcome Paul Eastwood to our Jersey tax team. Until this summer Paul was the Deputy Comptroller of Taxes in Jersey. During his time with Revenue Jersey, he had lead responsibility for negotiations with the EU and the OECD over the structure of the economic substance rules, together with the drafting of the Jersey legislation. Paul also worked closely with his counterparts in the other Crown Dependencies over the drafting of the joint guidance notes. 

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