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Cayman Economic Substance Updates

The Department for International Tax Cooperation (“DITC”) has advised that the DITC Portal (which will be used for a range of regulatory notification and reporting purposes) opened in early November; initially for FATCA and CRS purposes, with functionality for Economic Substance and Country-by-Country reporting to follow.

A further advisory will be issued in due course once the DITC Portal is open for Economic Substance filings and further guidance materials are available.

Economic Substance Reporting Deadlines

Generally Economic Substance Returns are due to be filed within 12 months of an entity’s financial year end. Economic Substance reporting deadlines have been extended for the first Economic Substance reporting period (for entities with a financial year ending 31 December 2019 only) as follows:

  • For relevant entities carrying on intellectual property business: until 31 January 2021.
  • For all other Economic Substance Returns (including for entities that are tax resident in another jurisdiction): until 28 February 2021.

If an entity’s financial year for 2019 is other than a calendar year, for example, from 1 April 2019 – 31 March 2020, there is no extension such that the reporting deadline will be within 12 months of the financial year end (by 31 March 2021).

 

To continue reading full articles in PDF format:
Cayman Economic Substance Updates

 


Maree Martin
Counsel and Head of Knowledge Management - Cayman Islands

Cayman Islands   +1 345 814 7781


Alan Dickson
Partner

Cayman Islands   +1 345 814 7790


Christopher W.H. Bickley
Partner, Head of Hong Kong Office

Hong Kong   +852 2842 9556
Mobile  +852 6469 3356


Preetha Pillai
Director, Head of Singapore office

Singapore   +65 6603 0707


Philippa Gilkes
Associate

Cayman Islands   +1 345 814 7751


Ryan McConvey
Associate

Hong Kong   +852 2842 9580
Mobile  +852 6469 3369


Vanessa Ng
Associate

Singapore   +65 6603 0705


Stacie Seetho
Associate

Singapore   +65 6603 0706


Yan Li
Legal Manager

Singapore   +65 6603 0709


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