Earlier this month, Appleby announced the introduction of an online Economic Substance Entity Classification Questionnaire, which is intended to help businesses make informed decisions regarding the new economic substance requirements and how they may impact their business.
After users answer a few brief questions, they are first guided through a preliminary analysis as to whether or not an entity is in scope of the relevant regime. If in scope, the tool will lead the user through a summary of the steps required to meet the economic substance test in the relevant jurisdiction.
Commenting on the launch of the tool, Garry Manley, Corporate Partner in Appleby’s Isle of Man office, commented: “The economic substance legislation is very complex and was introduced without much notice. We are very pleased to have launched our online entity classification questionnaire, which has been developed by our experts in Bermuda, BVI, Cayman Islands, Guernsey, the Isle of Man and Jersey. It is free to use, and we hope it will help businesses to identify whether or not their group entities are in the scope of the economic substance regimes in the jurisdictions where they are tax resident (and, if they are, what key issues they need to consider to ensure that they are compliant).”
For more information please click here.