Good corporate governance is a crucial component of new economic substance requirements, according to taxation and substance specialists at Carey Olsen.

Speaking to attendees at the offshore law firm's recent regulatory and substance conference in Guernsey, counsel Laila Arstall and senior associate Chris Hutley-Hurst outlined the key takeaways from the recently published joint guidance document issued by the tax authorities of Guernsey and Jersey (along with the Isle of Man).

The document outlined how each island's economic substance legislation, which has been in effect since 1 January 2019, will be applied to busines...