The International Tax Co-Operation (Economic Substance) Law (Revised) and its associated regulations and guidance (the "Law") requires that certain entities ensure that where they receive income in respect of certain "Relevant Activities".
Tax Justice Network's distorted interpretations of the Cayman Islands' statistics get more inaccurate, further from the facts and less believable as they continue to be undermined...
Further to our previous update, the Department for International Tax Cooperation has issued an Industry Advisory on 12 November 2020 in relation to Economic Substance matters.
Any entity that has filed an ESN in which it confirms that it is a relevant entity carrying on a relevant activity is required to complete an ES return in the appropriate form
There have been a number of recent amendments to the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) reporting regimes in the Cayman Islands and...
The Department for International Tax Cooperation ("DITC") Portal is now open for CRS and FATCA purposes, as anticipated in our previous advisory and the DITC's latest industry advisory.
Further to our earlier advisory, the new Cayman DITC Portal is now open for FATCA/CRS notification, reporting and filing purposes.
Further to our previous update ("Previous Update"), the Department for International Tax Cooperation ("DITC") issued an confirming that the DITC Portal will open in early November 2020.
As expected, the European Council announced on 6 October 2020 that the Cayman Islands has been removed from the EU's list of non-cooperative jurisdictions in tax matters (Annex I).
Jersey property unit trusts (or "JPUTs") have for many years been a very popular vehicle through which to acquire and hold UK commercial real estate.
With the 15 September deadline to appoint a designated US Partner Representative around the corner, do you know who your partnership will choose?
Along with its fellow Crown Dependencies and Overseas Territories, the Cayman Islands now has comprehensive economic substance legislation...
Cayman Islands Government
The Tax Information Authority (Amendment) Bill, 2020 was gazetted on Friday, 29 May and will be presented by the Minister of Financial Services at the next meeting of the Legislative Assembly.
On 15 April 2020, the Cayman Islands Department for International Tax Cooperation ("DITC") issued an industry advisory (the "Advisory") which provides information on the newly introduced CRS
On 20 February 2020, the Cayman Islands enacted the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2020 (the "CRS Amendment") and the …
Arendt & Medernach
In a press release issued on 6 October 2020, the Council of the EU announced its decision to make changes to the EU list of non-cooperative jurisdictions for tax purposes (the "EU blacklist").
In a positive development for the jurisdiction, EU ministers have removed the Cayman Islands from their blacklist of ‘non-cooperative jurisdictions for tax purposes'.
Ropes & Gray LLP
In a keenly anticipated development the Cayman Islands was removed from the EU list of non-cooperative tax jurisdictions (the "EU blacklist") on 6 October 2020 after adopting reforms relating to...
Council Directive (EU) 2018/822 (the "Directive" and "DAC6") imposes a new obligation on EU based "intermediaries" (as well as taxpayers in certain circumstances) to report on certain "cross-border arrangements"...
On the 18th February 2020, the European Council (the ‘EC') adopted a revised list of non-cooperative jurisdictions for tax purposes.