Updated Substance Requirements

Further to the Finance (Miscellaneous Provisions) Act 2019, the long-awaited regulations governing the updated substance requirements, namely the Income Tax (Amendment No.2) Regulations 2019 (the “Regulations”), have now been published in the Government Gazette.

The Regulations, which shall be deemed to have come into operation on 1 July 2019, specify the substance requirements to be met in order to benefit from the partial exemption regime introduced by the Finance (Miscellaneous Provisions) Act 2018 and the Finance (Miscellaneous Provisions) Act 2019 on certain streams of income.

Please find below our communique on the updated requirements.