The International Tax Authority (“ITA”) is pleased to announce that the updated Rules about the Economic Substance requirements under the Economic Substance (Companies and Limited Partnerships) Act, Revised Edition 2020 (as amended) (“ESA”) and the Beneficial Ownership Secure Search System Act, Revised Edition 2020 (as amended) (“BOSSs Act”), is now available on its website.
The Rules have been mainly updated to reflect the recent amendments made to the BOSSs Act (i.e. the Beneficial Ownership Secure Search System (Amendment) (No. 2) Act, 2021 (No. 42 of 2021), the recent amendments to the ESA (i.e. the Economic Substance (Companies and Limited Partnerships) (Amendment) Act, 2021 (No. 30 of 2021) and to provide clarity and some terms and reporting obligations extended or introduced by those amendments.
Visit the website at: https://bviita.vg/, select: Library> Legislation> Action 5 (Economic Substance)> Rules to access this new version of the Rules.
Questions can be emailed to compliancerequests@bviita.vg or info@bviita.vg.