BELIZE ECONOMIC SUBSTANCE ACT 2019 GUIDANCE

BELIZE ECONOMIC SUBSTANCE ACT 2019 GUIDANCE

The first fiscal year reporting period for IBCS incorporated before January 1, 2020 shall commence on April 30, 2020 unless the entity gave notice to the Commission that it wished to elect an earlier commencement date (but not before October 11, 2019). The entity has 9 months to file after the end of the fiscal year. IBCs are also aware that the first fiscal year of an entity incorporated on or after January 1, 2020 shall commence on the date of incorporation and shall terminate on the expiry of one year from that date, unless the entity gives notice to the Commission that it wishes to elect for earlier termination of the first fiscal year. The entity must then provide the Commission with a notice to request an earlier date within 3 months of the date of incorporation. The entity has 9 months to file after the end of the fiscal year. The template Forms annexed to the Economics Substance Act, 2019 are guides. Therefore, entities are to await the launching and publication of the Economic Substance Forms, B, C and D by the Commission. In the interim, entities are encouraged to seek professional advice if they are uncertain as to whether or to what extent they are subject to follow the economic substance requirements.
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