Guernsey has published the Income Tax (Substance Requirements) (Implementation) Regulations 2018, which were made on 13 December 2018. The regulations prescribe the substance requirements and criteria that must be met by certain companies resident in Guernsey to ensure that real economic activity is being carried on in Guernsey in respect of the profits and income of the company. The substances requirements apply for: A resident company with income from carrying on business of any of the following classes or descriptions ("relevant activities"): Banking; Insurance; Fund management; Financing and leasing; Headquartering; Shipping; A distribution and service centre; A resident company with...