The Ministry of Financial Services wishes to advise the following:
The Department for International Tax Cooperation (DITC) advises industry that the latest version (v3.0) of the Economic Substance Guidance Notes (“Guidance Notes”) has been issued today (Monday, 13 July).
The Guidance Notes were developed based on feedback received from stakeholders in response to statutory private sector consultations that were conducted; and also from the Secretariat to the OECD Forum on Harmful Tax Practices (FHTP) and the EU Commission.
The DITC is currently developing a system to facilitate reporting under the International Tax Co-operation (Economic Substance) Law (2020 Revision) (As Amended) (the “ES Law”), and will notify industry once the system is operational and ready to use.
Please refer to the DITC’s Economic Substance Legislation and Resources for more information.
(Via Press Release)