Offshore Updates

Cayman Islands Economic Substance: Extension to the reporting deadlines

On Thursday, 12 November 2020 the Department for International Tax Cooperation of Cayman Islands set out an extension to the deadlines for reporting period and Economic Substance reporting. The detail are presented in more detail below.
 
Deadlines for the 2019 reporting period:
Industry is advised that the deadlines for the 2019 Reporting period have been extended:

New Entity Registration - 16 December 2020

CRS Reporting & CRS Filing Declaration - 16 December 2020

FATCA Reporting - 16 December 2020

CRS Compliance Form - 31 March 2021

Economic Substance:
The revised reporting deadlines, which apply only for this first year, are as follows:
 
1. For Relevant Entities carrying on Intellectual Property business who were due to file on or before 31 December 2020: extension to 31 January 2021
 
2. For all other Economic Substance Returns including the Form for Entity Tax Resident in Another Jurisdiction: extension to 28 February 2021 unless the reporting deadline falls after 28 February 2021, in which case the deadline remains at 12 months after the end of the financial year.
 
Should you require further information or assistance, please contact us.