Guernsey has published the Income Tax (Substance Requirements) (Implementation) Regulations 2021, which provides for the extension of the economic substance requirements to partnerships. As previously explained in GSCCA Circular 18 of 11 May 2021, the requirements are being extended to partnerships to fully meet commitments Guernsey gave to the EU Code of Conduct Group (Business Taxation) in 2018. This includes: General partnerships formed in Guernsey; Limited partnerships (both with and without legal personality) formed under the Limited Partnerships (Guernsey) Law, 1995; Limited liability partnerships formed under the Limited Liability Partnerships (Guernsey) Law, 2013; and Foreign partnerships (including limited partnerships and...