The ministry of financial services, Cayman Islands government have advised industry participants of the following important economic substance (“ES”) updates;
- ES Year 2019 will remain available on CAP until 31 January 2021. This extension only applies to this first year.
- The DITC Portal is open for registrations of outsource service providers.
- The ES Return and the Form for an Entity Tax Resident in Another Jurisdiction will be added by the end of January 2021.
- Responsible persons who already have an account on the DITC Portal (for CRS/FATCA reporting) will see their ES entities automatically added to that profile once ES reporting becomes available.
- Responsible persons who do not already have an account will receive an activation email.
- There will be no bulk upload option for any of the ES filings available at launch.
- Questions relating to ES may be emailed to CaymanESPortal@gov.ky.