Jersey: new economic substance requirements

On 23 October 2018, Jersey’s Minister for External Relations presented draft legislation that would introduce increased substance requirements on certain Jersey resident companies.

If approved, the measures would apply as from 1 January 2019 and affect Jersey resident companies with accounting periods commencing on or after that date that undertake “relevant activities.” Nine relevant activities would fall within the scope of the proposed rules. These are: banking, financing and leasing, intellectual property holding, fund management, shipping, headquarter activities, insurance and holding company activities and distribution and service centre business.

Jersey International Taxes

In Brief from International Taxation – June

Austria is considering introducing the digital service tax as of 1 January 2020. Based on the CJEU the national courts are not eligible to determine if certain requirements of a state aid regime are compatible with the fundamental freedoms. Aruba, Barbados and Bermuda were removed from the list of non-cooperative jurisdictions. German Lower Tax Courts introduces new interpretation of anti-treaty shopping rules. The Dutch appellate court decided that there is no reason for TP adjustment to a hybrid loan. Poland introduced the rules for defining a beneficial owner. 

20. 6. 2019

VAT News in June

With regard to the changes in the conditions of cross-border trading with goods in the EU from January 2020, the European Commission has published material with a description of selected aspects of the new rules. The General Financial Directorate (GFD) is finishing its work on the methodological note concerning the VAT treatment of the issuance and distribution of vouchers. What is new at the Court of Justice of the European Union (CJEU)? This and much more is debated in detail in the VAT news for June. 

18. 6. 2019