Dear Client,
On 1 January 2019, the BVI Economic Substance Act came into force. This has created new compliance obligations for all entities registered or incorporated in the BVI, which includes the submission of Economic Substance (ES) Annual Returns.
Previously, we had reached out with details about the Second Revision (and latest version) of the Economic Substance ‘Rules and Regulations’, which you can refer to here.
The BVI International Tax Authority (ITA) has announced that the BOSS Portal – mentioned in the BOSS Act 2017 (as amended) – is now live.
WHAT SHOULD YOU DO NOW?
If your ES reporting deadline falls before 31 July 2020:
Your Account Managers or regular Vistra contact would either have already reached out to you or will reach out to you soon to assist you with the reporting process.
If your ES reporting deadline falls after 31 July 2020 (i.e. entities incorporated or registered before 1 January 2019 or after 1 February 2019 fall under this category):
Our ES Reporting Portal will be launched before the end of July. As such, your immediate next step should be to register for the Vistra My Formations Portal, if you haven’t already done so. Once our Portal is launched, we will be collecting ALL client ES information there.
Hence, we urge you to register NOW as this will be essential for the filing of ES Annual Returns.
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