The Minister for External Relations, Senator Ian Gorst, has lodged a draft Taxation Companies Economic Substance Law for debate by the States Assembly at its sitting on 4 December 2018.

See the Government of Jersey news item.

Geoff Cook, CEO Jersey Finance, commented:

“This is a positive step forward that demonstrates Jersey is both willing and able to meet the criteria around economic substance as laid out by the EU’s Code of Conduct Group. It’s particularly pleasing that the feedback we and others in industry provided throughout the consultation process has been listened to. With that in mind and given the high professional standards and commitment to good corporate governance here, we are confident that most companies within the scope of the draft Law will readily be able to demonstrate that they meet the requirements. 

“We are now looking forward to seeing further guidance notes, which we expect to be published by Jersey’s government by 5 November, which will set out in more detail how the legislation will work in practice.”