Where a relevant entity that is required to satisfy the economic substance test fails to prepare and submit to the DITC the required ES Return within the specified time, the DITC shall by notice in writing impose a penalty of CI$5,000/ US$6,100 and an additional penalty of CI$500/ US$610 for each day during which the failure to comply continues. The penalty must be paid within 30 days, subject to the permitted appeal process.
DITC’s online portal remains open for the submission of filings that were due on 28 February 2021. Entities that were subject to the 28 February 2021 filing deadline will now be subject to penalties for late filings.
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Hard Deadline for Filing 2019 Economic Substance Return Upcoming on 30 April 2021