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How to submit input tax apportionment application?

Input tax which is incurred in respect of goods or services which are used partly for making supplies that allow for VAT recovery and partly for making supplies for which VAT is not recoverable is known as “residual input tax”, and it must be apportioned between those...

Documents for Customer Due diligence

Financial Institutions and DNFBPs should identify the Customer’s identity, whether the Customer is permanent or walk-in, and whether the Customer is a natural or legal person or legal arrangement, and verify the Customer’s identity and the identity of the Beneficial...

Verification of customers by financial institutions

Financial Institutions and DNFBPs are required to undertake Customer Due Diligence (CDD) measures to verify the identity of the Customer and the Beneficial Owner before or during the establishment of the business relationship or opening an account, or before executing...

Assessment of whether Economic Substance Test is met

The Regulatory Authority may make an assessment that a Licensee has not met the Economic Substance Test during any Financial Year of the Licensee. No assessment will be done six (6) years after the end of the Financial Year to which the determination relates. The time...

Reporting under Economic Substance Regulation

Report under economic substance Test to the Ministry of Finance shall include the following information with respect to the Licensee – the type of Relevant Activity conducted by it. the amount and type of relevant income in respect of the Relevant Activity. the amount...

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