Feb 2021
The Cayman Islands Department for International Tax Cooperation’s online portal (DITC Portal) opened in January 2021 to facilitate economic substance reporting to the Cayman Islands Tax Information Authority pursuant to the International Tax Co-operation (Economic Substance) Act (2021 Revision) (the ES Act).
Relevant entities that carry on intellectual property business (IP Companies) and entities claiming tax residency outside the Cayman Islands (TROs) with a financial year end between 31 December 2019 and 29 February 2020 must make their relevant economic substance filings through the DITC Portal by 28 February 2021 in order to fulfil their economic substance obligations and avoid penalties under the ES Act.
DITC Portal Accounts
In order to submit an economic substance return form (ES Return), each relevant entity must nominate and establish a user account for a “Secondary User”, who will then receive an activation email from [email protected] This email is auto-generated by the DITC Portal and includes instructions as to how to activate the Secondary User’s DITC Portal account, as well as the details the Secondary User will need to login to the DITC Portal to make the required ES Act filing.
Secondary Users who experience issues in accessing the DITC Portal may contact us for further assistance.
Please refer to our previous alert for further notification, reporting and filing guidance under the ES Act.