BVI Passes Economic Substance Legislation for 2019

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BVI Premier Mr Orlando Smith has announced a Bill addressing the EU’s Code of Conduct Group (Business Taxation) requests that all companies with a registered office in low-tax countries should have sufficient economic substance.

This week, the BVI Assembly will be asked to present the Bill at a single session, in order to take affect by the EU’s 2018 December time limit. The EU will review legislation passed by the BVI and other jurisdictions in January 2019, and announce an updated blacklist of non-cooperative tax jurisdictions next year in March.