Date: 18th June 2020
Dear Valued Customers,
Further to DACC Circular 2 of 2020 Regarding the Economic Substance Notification (which can be found on the Circular section of our website), we would like to inform Licensees that we have extended the deadline for the submission of the Notification to the 23rd of June 2020 and would like to share a few Frequently Asked Questions to help with some queries that you may be facing:
1. Which businesses are required to file a Notification by 30th June 2020?
Only businesses that have a financial year commencing on or after 1 January 2019 and ending on or before 31 December 2019 are required to submit a Notification by 30 June 2020.
2. What if the business has a financial year that ends after 31 December 2019 (e.g. a financial year ending 31 March 2020 or 30 June 2020)?
There is the possibility but no statutory requirement to file a Notification by the deadline, and no administrative penalties will apply if a Notification for reportable periods ending after 31 December 2019 is not submitted by the deadline.
3. What if the business has a long first fina...