Dominica and tax status for IBC’s

#21
Register now
You must login or register to view hidden content on this page.
Some crazy things happening. My mind thinks that if a country is placed back on blacklist then will that country just return to original type of IBC as before, zero tax etc...

Martin much thanks for all of the good info, maybe you would asssist me as I progress my thinking
 
#22
See also, looking like Dominica reverse decision on what was agreed in Jan 2019. Bills withdraw. Wondering what real situation is now?

This statement of the grounds is misleading, and manifestly unfair. The only reason why Dominica “has not signed and ratified the OECD Multilateral Convention on Mutual Administrative Assistance as amended ‘ is that the OECD has to date not given the go ahead to Dominica to sign on. In other words Dominica is being penalized while it is awaiting a response, and notwithstanding there was and is nothing else it can do or could have done. In fact, and in furtherance of a favourable response, we prepared legislation to take to the Parliament in January this year to have the Parliament approve and pass these Conventions into law. We had to withdraw those Bills when no clearance was received from the OECD.
 
#24
#26
Yes you pay tax if your Dominica company was incorporated after 31 December 2018 as I understand the new IBC amendment ACT 2. Amendment ACT5 is just a change of month from December to June.

So starting from December 31, 2019, all IBCs registered after January 1, 2019 will be required to pay corporate income tax at the rate of 30% (ACT 2). Those registered before have till 30 June, 2021 before they start paying (ACT 5) .

Seek legal advice however.

ACT 2:

http://www.dominica.gov.dm/laws/2019/International Business Companies (Amendment) Act 2019.pdf
ACT 5:

http://www.dominica.gov.dm/laws/201...s Companies (Amendment) (No. 2) Act, 2019.pdf
 
Last edited:
Reactions: hernanday
#28
Yup its the EU practicing quasi economic colonialism on the lesser countries of the earth. They are extending the tax rules to ever corner of the earth behind the veil of the OECD .
 
Reactions: hernanday and Joe Blasco
Register now
You must login or register to view hidden content on this page.
You must log in or register to reply here.
Menu
Log in
Register