The Isle of Man Government has announced the joint issuance with Guernsey and Jersey of new guidance on the three jurisdictions' economic substance requirements. Each jurisdiction has introduced substance requirements to address concerns of the EU Code of Conduct Group. Although the respective laws and regulations of the three jurisdictions may vary, the economic substance requirements are all essentially the same and include that the requirements apply to all companies that are tax resident in a jurisdiction and have income from a relevant sector in any accounting period commencing on or after 1 January 2019. The guidance provides an overview...