Guernsey has approved the Income Tax (Substance Requirements) (Guernsey) (Amendment) Ordinance, 2018, which came into force on 1 December 2018. The purpose of the Ordinance is to provide for the implementation of the EU Code of Conduct Group proposals on business taxation, the object of which is the deterrence and elimination of base erosion profit shifting, by requiring companies tax resident in Guernsey conducting certain activities to have a substantial economic presence, and to be undertaking real economic activity, in Guernsey. The Ordinance does not set the requirements, but rather provides that regulations may be made for the introduction of...