Companies (Amendment) Law, 2019

International Tax Co-operation (Economic Substance) Law, 2018 (Law 45 of 2019) INTERNATIONAL TAX CO-OPERATION (ECONOMIC SUBSTANCE) (AMENDMENT OF SCHEDULE) REGULATIONS, 2019

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International Tax Co-operation (Economic Substance) (Amendment of Regulation 1

The International Tax Co-operation (Economic Substance) Law, 2018 INTERNATIONAL TAX CO-OPERATION (ECONOMIC SUBSTANCE) (AMENDMENT OF In exercise of the powers conferred by section 15(1)(b) of the International Tax Cooperation (Economic Substance) Law, 2018 the Cabinet makes the following Regulations — Citation These Regulations may be cited as the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2019. Amendment of the Schedule to the International Tax Co-operation (Economic Substance) Law, 2018 The International Tax Co-operation (Economic Substance) Law, 2018 is amended in the Schedule by deleting the definition of the words “relevant entity” and substituting the following definition — “ “relevant entity” means — (a) a company, other than a domestic company, that is — (i) incorporated under the Companies Law (2018 Revision); or (ii) a limited liability company registered under the Limited Liability Companies Law (2018 Revision);

Regulation 2 International Tax Co-operation (Economic Substance) (Amendment of

SL10 of 2019

(b) a limited liability partnership that is registered in accordance with the Limited Liability Partnership Law, a company that is incorporated outside of the Islands and registered under the Companies Law (2018 Revision), but does not include — (i) an investment fund; or (ii) an entity that is tax resident outside the Islands;”. Made in the Cabinet the 22nd day of February, 2019 Kim Bullings Clerk of the Cabinet.