Contributed by ACT Offshore
07 August, 2018
The following deadlines stipulated by the International Business Companies Act 2016 have now passed:
- Filing the Register of Directors with The Registrar
- Filing the Register of Beneficial Owners with The Registered Agent
The Register of Directors filed with The Registrar are not publicly available unless a company opts for publication.
The Revenue Administration (Common Reporting Standards) (Amendment) Regulations 2018 now lists 56 reportable jurisdictions (40 in 2017). CRS reporting commenced in 2017.
Cabinet of Ministers have approved amendments to the following Acts to comply with OECD’s Base Erosion and Profit Shifting (BEPS) recommendations:
- Business Tax Act
- Companies (Special Licences) Act
- Foundations Act
- Insurance Act
- International Business Companies Act
- International Trade Zone Act
- International Trust Act
- Mutual and Hedge Funds Act
- Securities Act
The revised Business Tax Act re-adopts a strictly territorial tax system whereby only income sourced domestically is taxable.
Cabinet has also approved amendments to following Acts to allow for the registration of Private Trust Companies:
- International Corporate Service Providers Act
- International Trusts Act
Earlier this year the Financial Services Authority introduced a “regulatory sandbox” regime for Fintech and other currently innovative and trending initiatives.
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