ECONOMIC SUBSTANCE UPDATE - FINAL ECONOMIC SUBSTANCE PORTALS GO LIVE!

The International Tax Authority (the “ITA”), wishes to inform all Registered Agents (“RA’s”) and Legal Entities with reporting obligations under the Economic Substance (Companies and Limited Partnerships) Act, 2018 and the Beneficial Ownership Secure Search System Act, 2017 that Economic Substance Portal as integrated with the Beneficial Ownership Secure Search system (“BOSS(ES)s”) has gone live on Friday 12 June, 2020.

All RA’s and Legal Entities are remined that the deadline to file declarations is six months after the end of the end of the Financial Period of the legal entity. The prescribed financial period for those legal entities incorporated before 1 January 2019 is 30 June 2019 – 29 June 2020. The prescribed financial period for those legal entities that were incorporated on or after 1 January 2019 will begin on the date of incorporation of the Company and end 1 year following that date. All notifications to made to alter the Financial Period of Company must continue to be made to the ITA via info@bviita.vg in accordance with the Rules.

The updated data model can be found attached to this communication, in the “Resources” section of the BOSS(ES)s portal and also at the following link https://bviita.vg/blog/2020/06/26/bossess-portal-has-gone-live/bvi-ess-data-model-description-v1-1/

It is important to note that ONLY RA’s have access to the BOSS(ES)s portal and all declarations made on behalf of a legal entity must be done by the RA. For further information on Economic Substance please feel free to contact them via the following means: telephone number: 1 284 468 4415, email address: Info@bviita.vg