The Guernsey government has published GSCCA Circular 18 of 11 May 2021, which provides information on changes that will extend economic substance requirements to partnerships. The draft legislation for the changes is currently being considered by an industry working group. --- Changes to economic substance regulations in respect of partnerships Economic substance requirements that apply to companies will be extended to partnerships. The reason is to fully meet commitments the States of Guernsey gave to the EU Code of Conduct Group (Business Taxation) in 2018. The term "partnerships" includes: General partnerships formed in Guernsey Limited partnerships (both with and without...