Offshore Updates

Important notice on deadline extension for Economic Substance reporting

The BVI International Tax Authority has extended the Economic Substance reporting deadline by 90 days from the previous due date, 29 December 2020. This means that if you have not yet submitted your ES filing, you can do so before 29 March 2021 on BOSS.

While the ITA is not yet imposing penalties, we expect them to do so starting from 30 March 2021.

In addition, please note that the aforementioned extension only relates to ES Filing, and does not apply where In-jurisdiction Substance is required for in-scope companies. As such, we understand that penalties are likely to be levied where In-jurisdiction Substance has not been met.