International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2024 (SL 79 of 2024)

International Tax Co-operation (Economic Substance) Act (2024 Revision) INTERNATIONAL TAX CO-OPERATION (ECONOMIC SUBSTANCE) (AMENDMENT OF SCHEDULE) REGULATIONS, 2024

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

International Tax Co-operation (Economic Substance) Act (2024 Revision) INTERNATIONAL TAX CO-OPERATION (ECONOMIC SUBSTANCE) (AMENDMENT OF In the exercise of the powers conferred by 15 of the International Tax Co-operation (Economic Substance) Act (2024 Revision), the Cabinet makes the following Regulations — Citation These Regulations may be cited as the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2024. Amendment of the Schedule to the International Tax Co-operation (Economic Substance) Act (2024 Revision) - construction of words and expressions The International Tax Co-operation (Economic Substance) Act (2024 Revision) is amended in the Schedule, by deleting the definition of “ultimate beneficial owner”, and substituting the following definition — “ “ultimate beneficial owner” — (a) in relation to — (i) a company that is incorporated or registered under the Companies Act (2023 Revision);

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

(ii) a limited liability company that is registered under the Limited Liability Companies Act (2023 Revision); (iii) an exempted limited partnership as defined under section 2 of the Exempted Limited Partnership Act (2021 Revision); (iv) a limited liability partnership that is registered under the Limited Liability Partnership Act (2023 Revision); or (v) a limited partnership registered in accordance with section 47 of the Partnership Act (2024 Revision), has the same meaning as “beneficial owner” in section 4 of the Beneficial Ownership Transparency Act, 2023; and (b) in relation to — (i) a partnership as defined under section 3 of the Partnership Act (2024 Revision); or (ii) a foreign limited partnership registered under section 42 of the Exempted Limited Partnership Act (2021 Revision), has the same meaning as “beneficial owner” as it relates to exempted limited partnerships, limited liability partnerships and limited partnerships in section 4 of the Beneficial Ownership Transparency Act, 2023;”.

Made in Cabinet the 20th day of December, 2024. Kim Bullings Clerk of the Cabinet