Section 6Part 0 —
Determination of whether economic substance test is satisfied
←→ Navigate · Click subsection badges to collapse · Press ? for help
The Authority shall have the power, in accordance with this Act, regulations made under this Act and the guidance issued under section 5, to make a determination as to whether a relevant entity that is required to satisfy the economic substance test in relation to a relevant activity satisfies such economic substance test for any financial year of the relevant entity commencing on or after the date prescribed under section 4(6), except that such a determination shall not be made later than six years after the end of such financial year.
The limitation period of six years under subsection (1) shall not apply if the Authority is not able to make a determination within six years after the end of a relevant entity’s financial year by reason of any material misrepresentation, action taken in bad faith or fraudulent action by or on behalf of the relevant entity.
Cross References
- Section 5 of International Tax Co Operation Economic Substance Act
Reference to guidance issued under section 5
- Section 4 of International Tax Co Operation Economic Substance Act
Reference to date prescribed under section 4(6)
Referenced By
- Section 7 — Requirement to provide information
Reference to determination under section 6
- Section 8 — Failure to satisfy economic substance test
Reference to determination under section 6