As part of the Organisation for Economic Co-operation and Development’s (OECD) ongoing work on taxation, it has recently reviewed a number of jurisdictions that have no or low rates of corporate taxation.
Those 12 jurisdictions include Guernsey, Jersey and the Isle of Man. The review concluded that Guernsey’s taxation regime is not harmful when reviewed against the OECD’s standards concerning the requirement for legal persons to have sufficient economic substance. This corresponds with a similar decision by the European Council of Finance Ministers (ECOFIN) in March 2019.
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