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Dominica (Caribbean) goes „Onshore“

(Dubai, 09/04/2019) In March 2019, the Parliament of the Commonwealth of Dominica enacted a series of new laws, forced upon it, as well as upon many other independent nations, by the OECD as a global effort to combat tax evasion and to destroy the financial services sectors of these small 
independent nations
.

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These new laws are:

  • Offshore Banking (Amendment) Act, 2019
  • International Business Companies (Amendment) Act, 2019
  • Fiscal Incentives (Amendment) Act 2019

The laws stipulate the following changes:

  • All International Business Companies (IBCs) registered before 31st December 2018 become liable to pay 30 % corporate tax on their worldwide income, starting from 31st December 2021.
  • All IBCs registered after 1st January 2019 become liable to pay 30% corporate tax from 31st December 2019.
  • The laws as of 21st March 2019 do not require IBCs to maintain any substantial presence in Dominica. The laws do not stipulate at this time to file any annual return with the Inland Revenue Department (IRD) or the Registrar of Companies.

We believe that by the end of 2019, there will be tabled more amendments to the laws, requiring IBCs to:

  1. prepare an audited financial report irrespective of the size of balance sheet;
  2. submit Annual Accounts to the Registrar’s office;
  3. submit Annual Returns to the IRD and pay 30% corporate tax.

All Offshore Banks registered and licensed in the Commonwealth of Dominica become liable to pay corporate tax in the same way as the IBCs previously mentioned.

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