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ARTICLE · 01 FEBRUARY 2021

DITC Portal: Updates On AEOI And Economic Substance

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The industry advisories dated 11 January 2021 and 22 January 2021 issued by the Department for International Tax Cooperation ("DITC") advise industry of updates in relation...

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The industry advisories dated 11 January 2021 and 22 January 2021 issued by the Department for International Tax Cooperation ("DITC") advise industry of updates in relation to the automatic exchange of information for CRS and FATCA and Economic Substance ("ES"). This advisory provides a summary of the key points.

Opening of DITC Portal for Economic Substance

The DITC Portal is now open for ES purposes, as anticipated in our previous advisory. Responsible Persons ("RPs") of entities that are required to report under ES, and who are already registered to use the DITC Portal, will automatically see the ES entities they are assigned to. It will then be possible to both add secondary users and submit the required ES reporting for those entities.

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