Caribbean Regulatory Update - Q1 2021

BVI UPDATES

1. ITA access to economic substance information

The Beneficial Ownership Secure Search System (Access and Disclosure) Regulations, 2020 were gazetted on 15 October 2020. These Regulations permit the International Tax Authority (ITA) to access economic substance information on the Beneficial Ownership Secure Search (BOSS) system for the purposes of:

• enforcing and monitoring obligations placed on corporate and legal entities by the Economic Substance (Companies and Limited Partnerships) Act, 2018; and
• disclosing information held on registered agent databases to the persons (ie, relevant overseas competent authorities), in the circumstances and on the terms set out in the economic substance requirements under Schedule 4 of the Beneficial Ownership Secure Search System Act, 2017, including where an entity is in breach of the applicable economic substance requirements and where an entity claims to be tax resident outside the BVI.