Закон страна: Гернси; язык закона: Английский

The Income Tax (Substance Requirements) (Implementation) Regulations, 2018

Закон о налоге на прибыль (требования по экономическому присутствию) (введение в действие) на Гернси, 2018

Оригинал закона


Made 13th December, 2018
Coming into operation 1st January, 2019
Laid before the States 2019
THE POLICY & RESOURCES COMMITTEE, in exercise of the powers conferred upon it by sections 75CC(1A), 171A and 203A of the Income Tax (Guernsey) Law, 1975, as amendeda , and all other powers enabling it in that behalf, hereby makes the following regulations:-
Implementation of substance requirements.
  • These Regulations prescribe, for the purposes of section 171A of the Income Tax (Guernsey) Law, 1975 ("the Law"), the requirements and criteria that must be complied with or fulfilled by or in respect of a company resident in Guernsey ("substance requirements") in order to ensure that real economic activity is being carried on in Guernsey in respect of the profits and income of the company.
  • (2) A company resident in Guernsey within the meaning of section 4 of the Law is referred to in these Regulations as a "resident coinpany".
a Ordres en Conseil Vol. XXV/ p. 124; sections 75CC(1A) and 171A were inserted by the Income Tax (Substance Requirements) (Guernsey) (Amendment) Ordinance, 2018 and section 203A was inserted by the Income Tax (Guernsey) (Amendment) Law, 2005 (No. XVII of 2005); there are other amendments not material to these Regulations. 3 Substance requirements
Companies to which substance requirements apply.
2. Substance requirements apply in respect of a resident company specified in any of the following subparagraphs –
  • a resident company with income from carrying on business of any of the following classes or descriptions ("relevant activities") –
    • (i) banking,
    • (ii) insurance,
    • (iii) fund management,
    • (iv) financing and leasing,
    • (v) headquartering,
    • (vi) shipping,
    • (vii) a distribution and service centre,
  • (b) a resident company with income from intellectual property assets (an "IP company"),
  • (c) a resident company –
    • (i) which is a pure equity holding company, and
    • (ii) with income from that activity. Substance requirements for companies carrying on relevant activities.
  • (1) A resident company carrying on a relevant activity must ensure that –
    • (a) it is directed and managed m Guernsey (see paragraph (2)),
    • (b) it carries on core tncoine-generating activity in relation to that relevant activity in Guernsey (see paragraph (3)),
    • (c) there is an adequate level of appropriately qualified employees in Guernsey proportionate to the level of that relevant activity carried on m Guernsey, whether or not employed by it or another entity and whether on temporary or long-term contracts,
    • (d) there is an adequate level of operating expenditure in Guernsey proportionate to the level of that relevant activity carried on in Guernsey, and
    • (e) there is an adequate physical presence in Guernsey (including, without limitation, offices and/or premises) proportionate to the level of that relevant activity carried on in Guernsey,
and the company must be able to demonstrate that these requirements are or were complied with in each accounting period in which the requirements apply or applied in respect of it.

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