It is anticipated that the International Tax Authority
(the "ITA") of the British Virgin Islands will soon issue
its Economic Substance Code
(the "Code"). The Code will provide guidance on
interpreting the requirements of the Economic
Substance (Companies and
Limited Partnerships)
Act, 2018 (the "ES
Act").
This bulletin provides updated guidance on the
requirements of the ES Act taking into account the rules set out in
the Code. Reference is made to our earlier client bulletins
regarding the introduction of "economic substance"
requirements in the British Virgin Islands. This bulletin should be
read in conjunction with those other bulletins.
Economic Substance Requirements
