请点击此处查看简体中文版本

 

請點擊此處查看繁體中文版本

 

As previously notified1, new reporting and (in some cases) economic substance requirements for British Virgin Islands 'legal entities' that conduct certain defined 'relevant activities' are now in effect, under the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the "Economic Substance Act").

 

The International Tax Authority has now issued the final form Rules on Economic Substance, which supplement the Economic Substance Act (together the "Economic Substance regime").

 

Actions Now Required

 

Steps must now be taken by all British Virgin Islands companies, and limited partnerships with legal personality, to assess the impact of the new Economic Substance regime, in order to establish:

 

(a)     Where the entity is 'tax resident' for the purposes of the legislation;

 

(b)    Whether the entity is conducting one or more relevant activities (see below);

 

(c)     The level of economic substance requirements that apply to the entity as a result (if any);

 

(d)     How the entity can demonstrate that it is meeting the relevant requirements (where applicable);

 

(e)     What is the entity's financial reporting period for the purposes of the legislation; and

 

(f)     What reporting obligations will apply to the entity, and when.

 

Your usual Maples Group contact will be able to assist you in making these determinations.

 

What is a Relevant Activity?

 

By way of reminder, the Economic Substance regime applies economic substance requirements to the following categories of activity:

 

·     Banking;

·     Insurance;

·     Shipping;

·     Fund management;

·     Financing and leasing;

·     Headquarters;

·     Distribution and service centres;

·     Holding company; and

·     Intellectual property.

 

Please click on any of the relevant activities listed above to view the relevant activity-specific client update.

 

For details on what it means to be subject to the economic substance requirements of the Economic Substance regime, as well as for information on the potential consequences of breaching these requirements, please contact your usual Maples Group team member.

 

Print Ready Version.



1 Please see our previous client update here.

CONTACTS

bioImage

Richard May

Managing Partner

+1 284 852 3027

bioImage

Chris Newton

Partner

+1 284 852 3043

bioImage

Ruairi Bourke

Partner

+1 284 852 3038

bioImage

Philip Ireland

Partner

+971 4 360 4073

bioImage

Matt Roberts

Partner

+852 3690 7405

bioImage

Karen Zhang Pallaras

Associate

+852 3690 7432

bioImage

Matthew Gilbert

Partner

+44 20 7466 1608

bioImage

Joanna Russell

Of Counsel

+44 20 7466 1678

bioImage

Michael Gagie

Managing Partner

+65 6922 8402

*
*
*
*

Please note that your email may be received and read by other Maples and Calder lawyers in addition to your intended recipient.

*
*
*

Please note that your email may be received and read by other Maples Group employees in addition to your intended recipient.

Connect

Want to get in touch ?

Contact Us