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.
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:
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).
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Cayman Economic Substance Updates