Guernsey Gazettes Ordinance Amending Income Tax Law

The Guernsey Official Gazette Dec. 12 published an ordinance amending income tax law. The ordinance includes measures: 1) increasing the income tax cap to 130,000 British pounds (US$164,567) from 110,000 pounds (US$139,249) on qualifying income and to 260,000 pounds (US$329,134) from 220,000 pounds (US$278,498) on worldwide income; 2) introducing a tax exemption for services related to gratuity; 3) allowing an individual to claim a tax credit for an underlying tax suffered by a company, effective Nov. 1, 2015; and 4) defining tax residency of a company under a double taxation arrangement. The ordinance enters into force and generally takes effect ...