Competent authority to report

(1) The competent authority shall upon the receipt of a form filed by an included entity spontaneously exchange the same with the competent authority of a jurisdiction of the legal or beneficial owner of such included entity where there is any non- with the requirements of this Act by the included entity. Economic Substance [CAP. 273:01 19 (2) The competent authority shall upon the receipt of a form filed by a non-included entity pursuant to section 10(2)(c), spontaneously exchange the same with the appropriate authority of a jurisdiction of the legal or beneficial owner of such non- included entity and also to the appropriate authority of the jurisdiction of its claimed tax residence.