SVG passes new tax laws to avoid being blacklisted by EU
Finance Minister, Camillo Gonsalves Social Share
Two pieces of legislation were passed in Parliament this week in an effort to place St Vincent and the Grenadines (SVG) on a footing to avoid being blacklisted by the European Union, as it relates to taxation.
These Acts, the Income Tax (Amendment) Act 2020 and International Tax Cooperation (Economic Substance) Act 2020, were both tabled by finance minister, Camillo Gonsalves on Monday.
Though the two pieces of legislation were debated separately, Gonsalves said that they were closely related, and in fact two sides of the same coin.
Deadline looms: Ensure your business abides by the new UAE economic substance rules by December 31 gulfnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gulfnews.com Daily Mail and Mail on Sunday newspapers.
The UAE’s amended ESR (Economic Substance Regulations) has classified entities into ‘licensee’ and ‘exempted licensee’ to carry out relevant activities.
The nine relevant activities are banking, insurance, shipping, lease-finance, investment fund management, intellectual property, headquarters business, holding company business, and distribution and services.
The licensees have to file ESR reports along with documents to avoid the administrative penalties. However, exempted licensees need to file notifications only, along with the documents to substantiate their exempt status to be excluded from the ESR.
Keep filing them
If an entity fails to provide sufficient evidence to substantiate its status as an exempted licensee, it will be assumed as a licensee and will have to meet the Economic Substance test and file the report.
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In accordance with Cabinet Resolution No. 57 of 2020, entities
that conduct Relevant Activities under the Economic Substance
Regulations must file directly with the Ministry, regardless of
whether they have previously filed their details with their
appropriate registry. All licensees and exempted licensees must
file their Notification and Economic Substance Regulations Report
before the 31st of December 2020. Where a late notification filing
arises, the licensee will be subject to an AED 20,000 fine and AED
50,000 where a late report filing occurs. Licensees should ensure
that both the filing of the Notification and Report meet the above