The Ministry of Finance wishes to advise that the deadline for economic substance filing is extended by three months for all entities reporting for fiscal year 2019.

As a consequence, all entities with a fiscal year end after June 30, 2019 that are required to submit economic substance filings pursuant to the Commercial Entities (Substance Requirements) Act, 2018 (CESRA) will have to file within 12 months of the date of their 2019 fiscal year end.

Penalties for failure to file within the 12-month period and any other enforcement provisions of CESRA will be applicable from the first day following the expiration of the extended three month period.

Read/download the public notice here:

• Extension of Deadline for Economic Substance Filing (419 kB)