BVI Economic Substance Code Delayed by Hurricane Dorian

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The damage and disruption caused by Hurricane Dorian has also unfortunately postponed BVI’s publication of the final version of the economic substance code of practice. The hurricane prevented the House of Assembly’s approval of the enabling legislation to take place, which is required to transpose the Beneficial Ownership Secure Search System (Amendment) No.2 Act 2019 into national law.

The assembly will meet next week, after which the BVI International Tax Authority will circulate the final form of the code, which has already been established the government has reassured.