Regulatory Alerts2021-01-01
Circular No. 7 of 2021: Cessation of the Grandfathering Period
The Financial Services Authority announces the July 1, 2021 cessation of grandfathering periods for special licence companies, non-domestic insurers, export services operators, securities licensees, and fund administrators. Effective this date, these entities lose pre-October 2017 tax concessions and exemptions, becoming subject to general business tax rates or mandatory substantial activity requirements. Export services licensees undertaking unlisted activities must surrender their licences by June 30, 2021, while all affected entities must now comply with updated legislative substance and tax rules to retain concessionary benefits.
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