CESRA: Economic Substance Reporting Deadline Extension

• Published date: 22 January 2021
• Subject Matter: Corporate/Commercial Law, Coronavirus (COVID-19), Contracts and Commercial Law, Reporting and Compliance, Financing
• Law Firm: Lennox Paton
• Author: Ms Wendawn Miller-Frazer

The Commercial Entities Substance Requirements Act (CESRA) 2018 requires all legal entities registered in The Bahamas to comply with economic substance reporting by submitting an annual filing to the minister of finance. This filing is separate and apart from other filings made on the entity's behalf to the Registrar General's Department and is made via this portal.

Economic substance reporting under CESRA must be completed within nine months of the entity's fiscal year end; however, due to the COVID-19 pandemic, the deadline in respect of reporting for 2019 has been extended to 31 January...