Cayman Islands Economic Substance Filing Deadline Looms Large for IP Companies and TROs

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.

 

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Cayman Islands Economic Substance Filing Deadline Looms Large for IP Companies and TROs

 

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