This course will go through the new “economic substance” (“ES”) laws in the major offshore financial centres and how it affects private wealth structures.
In December 2017, the European Union Code of Conduct Group carried out a review of the tax policies of those jurisdictions with zero or only nominal taxation and considered the concept of “economic substance”. Many jurisdictions have introduced laws to deal with this issue.
The new laws impose requirements in respect of company management, operating expenditure, human resources and income generating activities. Non-compliance with the law could lead to financial penalties and the business entity being struck off.
The speaker will walk you through the economic substance test to help you identify the business entities affected by the new law and how to comply.
