The British Virgin Islands has published the Rules on Economic Substance in the Virgin Islands, which were issued by the International Tax Authority (ITA) on 9 October 2019. The Rules finalize and replace the draft Economic Substance Code issued by the ITA earlier in the year and provide guidance on the application 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}). This includes economic substance requirements that legal entities must comply with when carrying on one or more relevant activities, including banking business, insurance business, finance and leasing business,...