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Every branch or company liable to Guernsey taxation is required to submit to the local income tax office each year a computation of taxable profits, together with schedules of adjustments reconciling the taxable profit to the accounting profit. A detailed profit and loss account and a balance sheet is required and the consent of the tax office is required to effect a change of accounting period. Ordinarily a firm of accountants is appointed to deal directly with the income tax affairs of the company or branch.
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