As part of the changes brought about by the Guernsey Revenue Service following the entry into force of the Income Tax (Substance Requirements) (Implementation) (Amendment) Regulations, 2019, completing tax returns for Guernsey companies has become more complicated.
In addition to those entities specifically brought into the scope of the legislation (for example, investment funds, IP, shipping), most Guernsey companies will now have to submit a separate tax return and accounts.
Practically speaking this means that the Corporate Service Provider’s “composite return” will no longer be available even for companies under the Alternative Certificate Scheme. Unless dormant or otherwise exempted, companies will have to submit financial statements to the Revenue Service and will have to fill out some details on the return regardless of whether they fall within the scope of the substance regime.
This represents quite an increase in complexity and workload for all companies. Fortunately, we have been working with our clients to prepare for this eventuality and are happy to offer support for any concerns they may have.
For more information or advise please contact us at firstname.lastname@example.org or call us on 01481 710520.