Report under economic substance Test to the Ministry of Finance shall include the following information with respect to the Licensee –

  1. the type of Relevant Activity conducted by it.
  2. the amount and type of relevant income in respect of the Relevant Activity.
  3. the amount and type of operating expenses and assets in respect of the Relevant Activity.
  4. the location of the place of business and, if applicable, plant, property or equipment used for the Relevant Activity of the Licensee in the State.
  5. the number of full-time employees with qualifications and the number of personnel who are responsible for carrying on the Licensee’s Relevant Activity.
  6. information showing the State Core Income-Generating Activity in respect of the Relevant Activity that has been conducted.
  7. a declaration as to whether or not the Licensee satisfies the Economic Substance Test.
  8. in the case of a Relevant Activity being an Intellectual Property Business, a declaration as to whether or not it is a high-risk intellectual property business. If the Licensee declares that it is a high-risk intellectual property business, the Licensee shall provide the information to refute a determination made by the Regulatory 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.
  9. in the case of a Licensee that is carrying on a high-risk intellectual property business the following additional information must be provided:
    • Information demonstrating that the Licensee does and historically has exercised a high degree of control over the development, exploitation, maintenance, enhancement and protection of the intellectual property asset by an adequate number of full-time employees, with the necessary qualifications, who permanently reside and perform their activities in the State.
    • business plan showing the reasons for holding the ownership in the Intellectual Property Asset in the State.
    • employee information, including level of experience, type of contracts, qualifications and duration of employment with the Licensee.
    • evidence that decision making is taking place within the State.
  10. where a Relevant Activity is outsourced by a Licensee, the Licensee must demonstrate the following:
    • the Relevant Activity that is outsourced is a Core Income-Generating Activity being carried out in the State.
    • the Licensee has adequate supervision of the Relevant Activity outsourced.
    • the Licensee shall submit to the Regulatory Authority a report containing information in relation to the level of resources employed by the third party service provider to which the Relevant Activity is being outsourced, demonstrating that the service provider’s activities, employees, operating expenditures and premises in the State are adequate in relation to the level of Relevant Activity outsourced.

A Licensee shall provide the Regulatory Authority with any such additional information, documents or other records as shall be reasonably required by the Regulatory Authority.

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