Beautiful Virgin Islands

Tuesday, Jul 01, 2025

BOSSs receives third amendment for 2019 to further prevent being blacklisted

BOSSs receives third amendment for 2019 to further prevent being blacklisted

By Kamal Haynes, BVI News Staff The Beneficial Ownership Secure Search System (BOSSs) Act has received its third amendment for 2019 to further prevent the British Virgin Islands from being blacklisted as a non-compliant tax haven jurisdiction.

The bill entitled the Beneficial Ownership Secure Search System Amendment No.3 Act, 2019 was passed during the House of Assembly on October 18.

Premier Andrew Fahie explained that the purpose of the new amendments to the principal BOSSs legislation is to enable the system to now access economic substance information, which is required to be filed with the International Tax Authority (ITA).

“The competent authority for purposes of the principal legislation will now be defined specifically to refer to the Financial Investigation Agency so as not to confuse it with any references to the International Tax Authority, which is also a competent authority,” the Premier said.

He added: “The bill will further amend the definition section of the principal legislation by defining beneficial ownership information as opposed to economic substance legislation which will also be a defined term.”

He explained that by defining these terms, it will preserve the continued security of beneficial ownership information that will continue to be accessed only in accordance with strict protocols and only when needed by the ITA to undertake enforcement action under all BVI laws related to economic substance.


Power to minister to make regulations

The Premier also revealed a third amendment which he termed as ‘important’.

He said this change will give power to the Minister of Finance to make regulations to allow the ITA to be able to access economic substance information collected on BOSSs.

This measure will be done in situations where the ITA needs this information to monitor and enforce legal entities compliance with economic substance requirements.

The Premier further said that regulations are also to be made to allow the ITA to share certain information with other tax authorities in specified cases of non-compliance with the economic substance requirements.

The previous amendment to the BOSSs Act was done in August 2019 to facilitate the increase of staff at the ITA.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
×