Application of the Income and Business Tax Act and the International Financial Services Commission Act

(1) All the provisions of the Income and Business Tax Act and any Regulations made thereunder that apply with respect to administering of taxes, review, appeals, rights, obligations, penalties required under this Act for the purposes of compliance with the aim of eliminating harmful tax practices (including the penalty for an offence under the provisions of such law) shall extend and apply in all respects as if the requirement were made under those Acts. (1A) All the provisions of the Economic Substance Act shall apply with respect to the fulfilment of economic substance. (2) The International Financial Services Commission shall regulate a company in respect of all other matters required in order to effectively administer the provisions of this Act. International Business Companies[CAP. 270 133 Limited Duration Companies