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.
The BVI International Tax Authority (ITA) has announced that the BOSS Portal – mentioned in the BOSS Act 2017 (as amended) – is now live.
This means that your company will need to report the ESA annual returns according to the deadlines. The information to be reported to the BVI authority includes the classification of the entity according to the Act, so please make sure you have classified your entity by now. However, if you are unsure as to where your entity stands in relation to the Economic Substance legislation, please reach out to your Account Manager or send us a message at contact@viss.com.hk.
Sincerely,
V. I. Services & Solutions Ltd.
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