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Deloitte is hosting a breakfast briefing this week which will "explore the expected framework of the new economic substance legislation," further to commitments made to the EU Code of Conduct Group.
The proposed legislation follows the commitment by the governments of Guernsey, Jersey and the Isle of Man to the EU Code Group to introduce new economic substance legislation by the end of 2018.
The breakfast briefing, held on Thursday 11 October, will be hosted by Deloitte Tax Partner, Jo Huxtable and will examine the practical implications of the changes, including:
- The background to these changes and why they are important to the local business community;
- An overview of the critical aspects of the proposals, highlighting which types of entities may be impacted;
- The use of specific examples to highlight some of the more complex areas;
- Consideration of the additional administration and compliance which may result for corporate service providers as they evaluate the impact of this regime on their clients as well as their services; and
- Q&A – an opportunity to hear about specific areas of concern that may need to be covered in the guidance that is expected to supplement legislation implemented by 31 December 2018.
"The economic substance proposals have yet to be published in final form, but there is a certain amount of information available in documents produced by the Code Group and incorporated in the consultation documents circulated by the Governments of Guernsey and Jersey in recent months," said Ms Huxtable.
"For example, we expect the new rules will be incorporated on the tax return of companies for accounting periods starting on or after 1 January 2019. It is also likely that there will be sanctions levied against companies which are not able to comply with the new rules. What is clear is that review and where necessary, action by affected organisations will be essential."
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