Shows
Substance on SubstanceSOS Substance on Substance – Holding BusinessIn the seventh instalment of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot give an update on timing of the ITA Code and consider some FAQs around the “holding business” and “finance and leasing business” definitions.
Episode Seven
Phil and Josh discuss the “holding business” and “finance and leasing business” definitions under the economic substance legislation and provide some practical examples of how Harneys considers the law will be applied in practice.
Key takeaways:
• We are waiting for the International Tax Authority (ITA) to publish its final Code. We understand the enabling legislation required for this to happen has been read...2020-01-2008 min
Substance on SubstanceSOS Substance on Substance - What should directors be doing now?In the sixth episode of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot examine good governance principles for BVI entities in the context of the classification process and what entities should be doing now in light of their statutory obligations
Episode Six
Phil and Josh discuss the release of the BVI Economic Substance Code (the Code) and the responsibilities of directors of BVI companies.
Key takeaways:
• The House of Assembly postponed the second and third reading of the Beneficial Ownership Secure Search System (Amendment) No 2 Act, 2019 due to Hurricane Dorian; they will meet next week to pass the law...2020-01-1906 min
Substance on SubstanceSOS Substance on Substance - Common misunderstandings regarding the ES timetableIn the fifth episode of Harneys’ Substance on Substance series, Philip Graham and Joshua Mangeot confirm that the first economic substance (ES) compliance “financial period” has commenced for all BVI companies and other relevant legal entities and also address some common misunderstandings regarding the ES timetable.
Episode Five
Phil and Josh discuss the release of the finalised International Tax Authority (ITA) ES Code, confusion on classification and compliance deadlines, and to which types of entity the ES requirements apply.
Key takeaways:
• The final form of the ITA Code is known and it should be available for formal release to the p...2020-01-1804 min
Substance on SubstanceSOS Substance on Substance - Re-domiciliationIn the fourth episode of Harneys’ Substance on Substance series, Philip Graham and Josh Mangeot discuss the option of continuing a BVI entity out of the jurisdiction (sometimes called a “re-domiciliation” or “migration”) as a response to the economic substance legislation.
Episode Four
Phil and Josh discuss (a) the global trend towards adopting economic substance (ES) requirements, (b) the need to classify individual entities’ activities and tax status to determine whether they are subject to the BVI ES requirements at all, and (c) the importance of that classification and properly weighing the costs of compliance against the transaction costs and ongoing oper...2020-01-1707 min
Substance on SubstanceSOS Substance on Substance - Implications of The BOSS (Amendment) No 2 Act, 2019In the third installment of Harneys’ SOS Series, Phil Graham and Josh Mangeot examine the implications of the first reading of the BOSS (Amendment) No 2 Act, 2019 in the House of Assembly, which is the enabling legislation for bringing into force the International Tax Authority (ITA)’s economic substance Code in the BVI. It is expected that the second and third reading will take place in the House as soon as possible, and will come into law shortly thereafter.
Episode Three
Phil and Josh discuss the process involved in the Code being finalised in the BVI and what steps entities should be t...2020-01-1605 min
Substance on SubstanceSOS Substance on Substance - Entity classificationThe SOS series was launched to provide our audience with the latest news on developments in the Economic Substance space, cutting through the confusion to deliver expert guidance from our Economic Substance Analysis team.
Episode 2
In the second episode, Phil Graham and Josh Mangeot discuss the key aspects of an industry update provided by BVI Finance on 12 July 2019. The update clarified that the commencement dates for entities’ first “financial period” remain unchanged and discussed the BVI International Tax Authority (ITA)’s stated approach to the use of its investigation powers as they relate to BVI entities, registered agents and other corporat...2020-01-1505 min
Substance on SubstanceSOS Substance on Substance - Timing updates and classification requirementsHarneys launches its S.O.S. series, delivering hot takes on critical topics around the Economic Substance legislation.
Each episode will give the very latest updates on this ever-changing environment, with an aim to provide consistency and certainty for our audience.
First up, Phil Graham and Josh Mangeot discuss the immediate implications of the presentation Neil Smith, Director of International Business delivered to the BVI private sector on Wednesday 10th July.
Key takeaways:
• An update on the timing of the release of the Code and Guidance Notes
• A steer from the ITA on what they will be expe...2020-01-1408 min