2020 has proven to be a challenging and volatile year for businesses, the economy and social environments. As the year approaches an end and your company begins planning for 2021, it is imperative not to neglect the cost expenditure and good standing of your international entities in the Netherlands and other jurisdictions.

The BVI Economic Substance Act (ESA), which was introduced in last year, requires all BVI companies that have been incorporated before January 1, 2019 to file their first ESA report before December 29, 2020.

This newsletter discusses recent amendments to Cayman Islands legislation as the result of recommendations made by the Financial Action Task Force which are being adopted globally. 

On our website you will find copy of the CIT-101 form and its  Guidelines. We would like you to review, complete and return the CIT-101 form to us before October 20 along with the signed Declaration at the end of this form. This will allow us to file the form CIT-101 on behalf of the Nevis entity for which we act as Registered Agent before the deadline of October 31, 2020.

Recently we informed you that the Inland Revenue Department (”IRD”) of the government of St. Kitts and Nevis introduced a regulatory initiative under which entities will be required to file a Simplified Tax Return (CIT-101 Tax Return) annually with the IRD. The initial due date to file the first Simplified Tax Return was August 26, 2020.