- 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 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.
- 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.
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