The introduction of economic substance requirements in no or nominal tax jurisdictions

25 March 2019, Hong Kong

By invitation only

 

Following the release of the “Resumption of Application of Substantial Activities Factor to No or only Nominal Tax Jurisdictions” by the Organisation for Economic Co-operation and Development (OECD) in November 2018 as follow-up work under Action 5 of the Base Erosion and Profit Shifting Action Plan on countering harmful tax practices, a number of no or nominal tax jurisdictions such as Bermuda, the BVI and the Cayman Islands have enacted domestic economic substance legislation effective from 1 January 2019.  Sanctions for non-compliance include monetary penalties, entity strike-off and spontaneous exchange of information with tax authorities of other jurisdictions.  

As it is common for Hong Kong corporate groups to use entities in tax neutral jurisdictions for investment holding and other purposes, this new development will have significant impact on the business community in Hong Kong. 

In this seminar, our professionals from the Corporate Tax and Corporate Services teams in Hong Kong will share an overview of the OECD’s paper as well as the economic substance legislation enacted by some of the tax neutral jurisdictions, and issues that should be taken into account by corporate groups in evaluating the potential impact on their structures and considering ways to deal with such impact. 

 

Event details

Date:      25 March 2019 (Monday)

Time:      3pm - 5pm (Registration starts at 2.30pm)

Venue:    PwC Executive Conference Centre, 21/F, Edinburgh Tower,
              The Landmark, 15 Queen's Road Central, Hong Kong

Language: English

Fee:        Complimentary 

 

Enquiries

For more information, please contact

May Yuen 

Tel: +[852] 2289 3014

Email