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All of us are aware that Covid-19 caused severe economic damage to the global economy.

11 May 2020 - We are now in the first economic substance reporting (“ES Reporting”) year, which means many entities are required to submit their annual economic substance return starting from June 2020.

Rules on Economic Substance (“the Rules”) have recently been updated on the 10th February 2020. In addition, the British Virgin Islands (“BVI”) has now officially been removed from the European Council’s “grey list” as of 18th February.