The International Tax Authority (ITA) is informing all Registered Agents (RA’s) and Legal Entities with reporting obligations under the Economic Substance (Companies and Limited Partnerships) Act, 2018 and the Beneficial Ownership Secure Search System Act, 2017 that the Economic Substance Portal as integrated with the Beneficial Ownership Secure Search system (“BOSS(ES)s”) has gone live from today  June 12.

All Registered Agents and Legal Entities are reminded that the deadline to file declarations is six months after the end of the Financial Period of the legal entity. The prescribed financial period for those legal entities incrporated before 1 January 2019 is 30 June 2019 – 29 June 2020. The prescribed financial period for those legal entities that were incorporated on or after 1 January 2019 will begin on the date of incorporation of the company and end one year following that date. All notifications to alter the Financial Period of the company must continue to be made to the ITA via info@bviita.vg in accordance with the rules.

The updated data model can be found attached to this communication, in the “Resources” section of the BOSS(ES)s portal and also at the following link  https://bviita.vg/blog/2020/06/26/bossess-portal-has-gone-live/bvi-ess-data-model-description-v1-1/

It is important to note that ONLY RA’s have access to the BOSS(ES)s portal and all declarations made on behalf of a legal entity must be done by the agents.

For further information on Economic Substance please feel free to contact the authority via telephone number:  1 284 468 4415, or email Info@bviita.vg.