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Government Issues First “BEPS” Failure To Report Notice


Minister of Finance Hon. E. Jay Saunders.

In 2018 the Turks & Caicos Islands Government passed legislation to implement the reporting of substantial activities for no or only nominal tax jurisdictions as required by the Inclusive Framework on Base Erosion and Profit Shifting “BEPS”: Action 5.


This also includes, Economic Substance reporting which is a mandatory requirement. The Government subsequently launched the Economic Substance Portal in 2021 and communicated same to the business and corporate trading community in an effort to ensure that all entities were registered and subsequently completed its filings on the Portal.


The Financial Transactions Information Exchange Unit, have identified entities that have not yet registered and filed on the Portal as required under section 10 of the Companies and Limited Partnerships (Economic Substance) Ordinance Cap 16.19 “the Ordinance”.


It should be noted that failure to complete the requisite filing as required under the Ordinance via the Portal is in contravention of the reporting obligations outlined in section 10 of the Ordinance which can, result in a fine as outlined in section 10 (4).


This serves as an official first notice from the Financial Transactions Information Exchange Unit that all submissions should have been completed on or before 31st March 2023, entities are urged to ensure that their filings are completed.

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