1. The Regulatory Authority may make an assessment that a Licensee has not met the Economic Substance Test during any Financial Year of the Licensee.
  2. No assessment will be done six (6) years after the end of the Financial Year to which the determination relates.
  3. The time bar period shall not apply if the Regulatory Authority is not able to make a determination within the six (6) year period by reason of any deliberate misrepresentation or negligent or fraudulent action by the Licensee or by any other person.
  4. In relation to a High-Risk IP Licensee, the Regulatory Authority must determine that the Economic Substance Test is not met during a Financial Year unless the Licensee provides sufficient information to satisfy the Regulatory Authority that the Test is met.

Read: Applicability of Economic Substance Test

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