The Guernsey Revenue Service has issued a notice on the withdrawal of its guidance on Economic Substance Requirements and the Implications of COVID-19. The guidance, issued in November 2020, essentially provided that due to the travel restrictions imposed in response to COVID-19, the Revenue Service would take a pragmatic approach in assessing whether the requirements are met, especially in regard to the directed and managed test. --- Withdrawal of Revenue Service Guidance on the Economic Substance Requirements and the implications of COVID-19 for accounting periods commencing on or after 1 November 2022 The Revenue Service issued guidance on 25 November...