Overview of Cayman Islands Economic Substance Requirements
On 27 December 2018, the Cayman Islands published The International Tax Co-operation (Economic Substance) Law, 20181 and The International Tax Co-operation (Economic Substance) (Prescribed Dates) Regulations, 2018 (together, the "Initial Law").
The Initial Law was amended first on 22 February 2019 by The International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2019 (the "Amendment Regulations") and then again on 30 April 2019 by The International Tax Co-operation (Economic Substance) (Amendment of Schedule) (No. 2) Regulations, 2019 (the "2nd Amendment Regulations" and, together with the Amendment Regulations, the "Regulations", and the Regulations together with the Initial Law, the "Economic Substance Law"). The Economic Substance Law is supplemented by the issuance of related Guidance on Economic Substance for Geographically Mobile Activities (the "Guidance"), version 2.0 of which was issued on 30 April 2019.
This article as attached aims to introduce briefly the major content of the relevant laws and regulation, the definition of relevant entities, the filing requirements and how Kaizen can help you to comply with the said laws and regulations.
If you wish to obtain more information or assistance, please visit the official website of Kaizen CPA Limited at www.kaizencpa.com or contact us through the following and talk to our professionals:
Tel: +852 2341 1444
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