BVI Company Taxation

BVI Legislation

Taxation

On January 1st, 2019, The Economic Substance (Companies and Limited Partnership) Act 2018 (“ES Act”) came into force in the British Virgin Islands (“BVI”) .

The ES Act simply requires that companies and limited partnerships conducting specifically targeted relevant activities will have to show substance/presence in the British Virgin Islands, unless they are tax resident in another jurisdiction.

The ES Act simply requires that companies and limited partnerships conducting specifically targeted relevant activities will have to show substance/presence in the British Virgin Islands, unless they are tax resident in another jurisdiction. All Business Companies and Limited Partnerships incorporated in the BVI must inform the International Tax Authority of their Economic Substance status. An initial legal assessment will be mandatory for every BVI company and, going forward, an Economic Substance filing must be submitted annually to the International Tax Authority. *Please note that this applies to ALL companies, irrespective of whether they fall under the scope of the ES ACT or not.*

 

BVI Double Tax Treaties

Legislation has been drafted to ensure the BVI is fully compliant with the European Union (EU) Savings Tax Directive and EU Code of Conduct on Business Taxation, as required by the UK of all its overseas territories.

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