Guernsey’s Director on Income Tax on April 8 issued guidance on when companies incorporated overseas are deemed to be a resident of Guernsey because they are controlled there. Guidance was also released on the filing obligations of such companies.
The guidance provides that, generally, companies incorporated overseas but controlled in Guernsey are required to notify the Director that they are chargeable with tax and submit an income tax return.
As a concession to avoid onerous compliance costs, though, the guidance also provides exceptions to the filing requirements for companies that do not carry on a trade or business and for companies that generate all income outside of Guernsey and are subject to tax on that income of at least 20 percent in another jurisdiction.
Guidance on filing certified accounts was also issued.
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