By way of background, a first draft Economic Substance Code was published by the BVI International Tax Authority (“ITA”) in April 2019. It is anticipated that the final code, now referred to as Rules (and Explanatory Notes), will be published on 30 September 2019 (the “Rules”). A further update will be circulated once the final Rules are available.
The Rules will provide important guidance on how the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the “Act”) is interpreted by the ITA.
It is important to note that:
We would be happy to assist you with a review of your BVI entity for the purposes of the required classification. Upon review, Hatstone will issue you with advice which can form part of the records of the BVI entity.
Hatstone Substance Services
Hatstone can assist you with the establishment of economic substance in the event that the assessment of your BVI entity triggers the need to create economic substance in the BVI.
Hatstone substance services include:
For more information please contact – enquiries@hatstone.com
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