Jersey and Guernsey satisfy the EU on fair taxation and are confirmed as co-operative jurisdictions

Both Jersey and Guernsey fulfilled commitments made in 2017 to introduce substance measures to meet European expectations on fairness of taxation by the end of 2018 and have now been formally confirmed by EU Finance Ministers (ECOFIN) as 'cooperative jurisdictions'.

Whilst companies should not be complacent about the new substance rules, the expectation is that most companies in Jersey and Guernsey will readily be able to demonstrate that they meet the new requirements, given the high professional standards and good corporate governance that already exist in the Channel Islands.

For more information and insights please read our briefing 'Economic substance rules in the Channel Islands'.