Further to our November Alert the Cayman Department for International Tax Cooperation (DITC) has provided a further update on Economic Substance matters.
The DITC now anticipates that it will be possible to file Economic Substance Returns and the related Form for entities tax resident in another jurisdiction (TROs) by the end of January 2021.
The Economic Substance reporting deadlines have been further revised as set out below:
|Financial Year End Date (for the purposes of the ES Return)||ES Obligation||Deadline|
|31 December 2019 – 30 April 2020||ES Return for all types of relevant activity except for Intellectual Property Business||30 April 2021|
|31 December 2019 – 29 February 2020||ES Return for relevant entities carrying on the relevant activity of Intellectual Property Business and TROs.||28 February 2021|
|1 March 2020 – onwards||ES Return for relevant entities carrying on the relevant activity of Intellectual Property Business and TROs.||12 months after the financial year end date.|
|1 May 2020 – onwards||ES Return for all types of relevant activity except for Intellectual Property Business||12 months after the financial year end date|
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Cayman Economic Substance Reporting Deadlines Further Extended