On 2 May 2019, the Government of the British Virgin Islands (BVI) announced that BVI Finance is hosting education sessions following the publication of the draft Economic Substance Code by the International Tax Authority (ITA). The draft Code provides guidance on the effect of the Economic Substance (Companies and Limited Partnerships) Act 2018, which came into force on 1 January 2019 ({News-2019-01-09/A/2-previous coverage}), introducing economic substance requirements that legal entities must comply with when carrying on a relevant activity (banking, insurance, finance and leasing, holding, etc.). The draft Economic Substance Code provides guidance on both general and specific aspects of...