BVI Draft Economic Substance Code

Following our initial update from January this year, the BVI International Tax Authority (ITA) has released a draft version of the Economic Substance Code (the “Code”), which is intended to assist entities and registered agents in complying with their obligations under the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the “ESA”). Although the Code is currently in draft (and therefore may be amended before it is finalised), it provides useful guidance regarding the ITA’s intended approach to implementation and monitoring compliance with the ESA and its interpretation.

Read our briefing on the code.