The economic substance regime has been in place globally since
2019 and is aimed at determining where companies generate their
core revenue and activities, ensuring that tax is incurred
appropriately in the jurisdictions where revenue is earned.
With three years of regulatory responses and submissions
completed, it's a crucial time for companies to revisit their
business models and review the original economic substance
assessment to see if it still holds up in light of emerging trends
and findings from relevant regulators.
In this article, we sat down with George Jones, Managing Partner of Ocorian Law
in Bermuda, to gain insights into the Island's implementation
of an economic substance regime, including its requirements,
compliance assessment and penalties for non-compliance.
