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DED video tackles firms' register queries

YouTube explainer for IT input process

The DED says help is at hand for Island firms struggling to comply with new transparency laws.

All companies must submit details of beneficial ownership to a new central database, which went live at the start of this month.

Some however, claim the process is too time-consuming and bureaucratic.

Others have objected to providing the information at all, arguing the details are available in other official documents submittd to govenrment, including tax returns.

The Island has committed to the UK government it will share information with intelligence, tax and law enforcement agencies, to combat tax evasion, money laundering and serious crime.

The information must be added to the register by 30 June 2018 at the latest.

Now, the economic development department has produced an online video, to guide people through the process.

DED Minister Laurence Skelly says several IT glitches have been addressed, but admits the 'teething problems' will have be frustrating for firms attempting to use the new register:  

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