As from January 1 2020, a resident company shall file an economic substance declaration with the Barbados competent authority annually within 12 months after the last day of the end of each fiscal period.
Please find below additional information on Economic Substance Requirements in the newsletter prepared by PwC US here.
The Barbados competent authority has implemented a self-reporting portal whereby resident entities will be required to provide prescribed information and upload the information into the portal.
Other countries affected by economic substance requirements:
As of today, the following countries have officially introduced economic substance legislation and will require filing similar returns:
British Virgin Islands
Isle of Man
Turks & Caicos
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