We remind you of the Economic Substance classification deadlines for the period 2022-2023 imposed by the International Tax Authority of the BVI:
The Economic Substance classification must be done before the end of its financial period.
Penalties are imposed for failure to provide required information and for operating a legal entity in breach of the economic substance requirements, which may include fines, imprisonment, and strike-off.
The fines imposed by the authority may range from US$5,000.00 to US$75,000.
If you require additional information, don't hesitate to contact us at Contact@viss.com.hk.
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