Economic Substance legislation is in place across international financial centres and took effect in the Turks and Caicos Islands (“TCI”) on 1 January 2019. The TCI legislation requires companies claiming tax residency in the TCI to prove that they have real economic substance in the TCI. Detailed guidance notes in respect of the TCI legislation and reporting requirements is expected shortly.
Directors should consider key questions and carry out assessments of the underlying business activities (relevant activities) carried out by their companies in anticipation of the reporting obligations and deadlines. We are available to assist with this assessment and will be able to guide you through the questions you may have.