Cayman Islands companies (and overseas companies registered in the Cayman Islands), LLCs and LLPs which are relevant entities under the International Tax Co-operation (Economic Substance) Act (2020 Revision) as amended, (the "ES Law") should already have filed their ES Law notifications.
The next stage for those carrying on relevant activities will be filing an ES Return through the DITC Portal. The DITC have just announced that the dates for doing so for this first year have been extended:
|Period End Date (for purposes of the ES Return)||ES Obligation||Deadline|
|31 December 2019 – 30 April 2020||ES Return (all except IP businesses)||30 April 2021|
|1 May 2020 – onwards||ES Returns||12 months after the period end date|
|31 December 2019 – 29 February 2020||ES Return with Type Income: Relevant Activity – IP Business and TRO||28 February 2021|
|1 March 2020 – onwards||ES Return with Type Income: Relevant Activity – IP Business and TRO||12 months after the period end date|
The DITC have also announced that the ES Return and the Form for an Entity Tax Resident in Another Jurisdiction (TRO) will be added to the DITC Portal by the end of this month.
If you would like any further information, please get in touch with your usual Bedell Cristin contact or one of the contacts listed.
No Content Set