16.08.2019. BVI working with regulation to avoid being placed on the EU’s blacklist

Company News

BVI is implementing ammendments to the beneficial ownership secure search system (BOSS) Act to adjust to the new rules of economic substance and avoid being placed on the EU’s blacklist.
The territory incerses also funding and staff to its international tax authority (ITA) as it deals with more requests for information relating to taxes, including the area of economic substance.
Premier Andrew Fahie said the ITA performs a critical role in ensuring the smooth implementation and operation of the economic substance reporting requirements along with the structures.
Premier sad that Government do all to minimize the negative impact on the territory’s economy that the economic substance requirement portended.
In January, the BOSS Act was amended to work alongside the economic substance companies and limited partnership (Amendment) Act of 2018.
Premier said the focus of it would be to convince Britain that the BVI  BOSS is a better alternative to the UK-mandated public registers of company beneficial ownership.