s.10Sharing of information
10
Section 10Part 0 —

Sharing of information

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The Authority shall, in accordance with relevant international standards and scheduled agreements, provide the information provided to it under this Act in respect of a relevant entity that fails to satisfy the economic substance test in relation to a relevant activity for a financial year to —
the competent authority in the relevant jurisdiction in which the immediate parent, ultimate parent and ultimate beneficial owner of the relevant entity resides; and
if the relevant entity is incorporated outside the Islands, the competent authority of the relevant jurisdiction in which the relevant entity is incorporated.
In the case of a relevant entity that is carrying on a high risk intellectual property business, the Authority shall, in accordance with relevant international standards and scheduled agreements, provide the information provided to it under this Act in respect of the relevant entity to —
the competent authority in the relevant jurisdiction in which the immediate parent, ultimate parent and ultimate beneficial owner of the relevant entity resides; and
if the relevant entity is incorporated outside the Islands, the competent authority of the relevant jurisdiction in which the relevant entity is incorporated.
In the case of an entity that is carrying on a relevant activity and is tax resident in a jurisdiction outside of the Islands, the Authority shall, in accordance with relevant international standards and scheduled agreements, provide the information provided to it under this Act —
to the competent authority in the jurisdiction in which that entity is tax resident;
to the competent authority in the jurisdiction in which the immediate parent, ultimate parent and ultimate beneficial owner of the entity resides; and
if the relevant entity is incorporated outside the Islands, to the competent authority of the relevant jurisdiction in which the entity is incorporated.
The Authority may, in accordance with relevant international standards and scheduled agreements, provide any information provided to it under this Act as appropriate.
In this section “entity” means —
a company that is —
incorporated under the Companies Act (2026 Revision); or
a limited liability company registered under the Limited Liability Companies Act (2025 Revision);
a limited liability partnership that is registered in accordance with the Limited Liability Partnership Act (2025 Revision); or
a company that is incorporated outside of the Islands and registered under the Companies Act (2026 Revision).

Defined Terms

entity

Cross References