null

2021-06-07

OBJECTS AND REASONS

This Bill would amend the Companies (Economic Substance) Act, 2019 (Act 2019-43).

Arrangement of Sections

Short title

Amendment of section 2 of Act 2019–43

1.

2.

2

BARBADOS

A Bill entitled

An Act to amend the Companies (Economic Substance) Act, 2019 (Act 2019-43).

ENACTED by the Parliament of Barbados as follows:

Short title

This Act may be cited as the Companies (Economic Substance) (Amendment) Act, 2021.

Amendment of section 2 of Act 2019–43

Section 2 of the Companies (Economic Substance) Act, 2019 (Act 2019-43) is amended by deleting the definition “resident company” and substituting the following:

“ “resident company” for the purposes of this Act means

a company, whether incorporated in Barbados or elsewhere, or a society with restricted liability organized in Barbados, or an association formed in Barbados, other than an association of underwriters, which is managed and controlled in Barbados;

a company incorporated outside Barbados, that is registered in Barbados as an external company that is not regarded as a tax resident company in the jurisdiction of incorporation; or

a company incorporated in Barbados as an entity but which is not tax resident in any other jurisdiction,

and includes a partnership formed in Barbados which is carrying on one or more relevant activities.”.

(a)

(b)

(c)

1.

2.

4

Read three times and passed the House of Assembly this day of , 2021.

Speaker

Read three times and passed the Senate this day of , 2021.

President

5