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Hard Deadline for Filing 2019 Economic Substance Return Upcoming on 30 April 2021 | Conyers

[co-author: Jennifer Marshall] Relevant entities carrying on all types of relevant activity (except for those carrying on intellectual property business) under the International Tax Co-operation (Economic Substance) Act (2021 Revision) (“ES Act”) with a financial year end between 31 December 2019 – 30 April 2020, must file an economic substance return (“ES Return”) by the 30 April 2021 deadline set by the Cayman Islands Department for International Tax Cooperation (DITC). There is no ability to extend the date for filing an ES Return beyond the DITC deadline. Where a relevant entity that is required to satisfy the economic substance test fails to prepare and submit to the DITC the required ES Return within the specified time, the DITC shall by notice in writing impose a penalty of CI$5,000/ US$6,100 and an additional penalty of CI$500/ US$610 for each day during which the failure to comply continues. The penalty must be paid within 30 days, subject to the permitted app

Cayman islandsCayman islands department for international tax cooperationInternational tax economic substanceInternational tax cooperationEconomic substanceCayman islands departmentSubstance reporting deadlinesEnd dateIntellectual propertyIntellectual property businessTax resident outsideகேமன் தீவுகள்கேமன் தீவுகள் துறை க்கு சர்வதேச வரி ஒத்துழைப்புசர்வதேச வரி பொருளாதார பொருள்சர்வதேச வரி ஒத்துழைப்புபொருளாதார பொருள்

Economic substance requirements: overview

Introduction Along with its fellow Crown dependencies and overseas territories and other international financial centres, the Cayman Islands now has comprehensive legislation and regulations requiring Cayman-domiciled or registered legal entities which carry on certain activities to have demonstrable substance in the Cayman Islands. The International Tax Cooperation (Economic Substance) Act reflected the Cayman Islands commitment to its obligations as a member of the Organisation for Economic Cooperation and Development s global Base Erosion and Profit Shifting Inclusive Framework and corresponding EU requirements for no or nominal tax jurisdictions. This article summarises the key elements of the International Tax Cooperation (Economic Substance) Act, which has been subject to various updates since its introduction, and draws upon guidance issued by the Tax Information Authority (TIA), which has responsibility for the supervision and implementation of the act.

Cayman islandsTax information authorityInternational tax cooperation economic substanceOrganisation for economic cooperationCayman islands monetary authorityInternational tax cooperationEconomic substanceCayman islandEconomic cooperationBase erosionProfit shifting inclusive frameworkGrand courtகேமன் தீவுகள்வரி தகவல் அதிகாரம்சர்வதேச வரி ஒத்துழைப்பு பொருளாதார பொருள்ஆர்கநைஸேஶந் க்கு பொருளாதார ஒத்துழைப்பு

Economic substance requirements: overview

Economic substance requirements: overview
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Cayman islandsTax information authorityInternational tax cooperation economic substanceOrganisation for economic cooperationCayman islands monetary authorityInternational tax cooperationEconomic substanceCayman islandEconomic cooperationBase erosionProfit shifting inclusive frameworkGrand courtகேமன் தீவுகள்வரி தகவல் அதிகாரம்சர்வதேச வரி ஒத்துழைப்பு பொருளாதார பொருள்ஆர்கநைஸேஶந் க்கு பொருளாதார ஒத்துழைப்பு

Crime bills, others on HOA s agenda

Crime bills, others on HOA s agenda
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Mandatory disclosure rules

Introduction The Taxation (Implementation) (International Tax Compliance) (Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures) (Jersey) Regulations 2020 are expected to come into force shortly. The regulations will primarily affect promoters and service providers of certain arrangements, implementing a 30-day window to report disclosable arrangements to the Comptroller of Revenue. Failure to comply may lead to financial penalties and, in some instances, criminal penalties. It is important that intermediaries and certain taxpayers become astute to the requirements of the regulations and ensure that they are ready and able to comply with the new reporting obligations. Background The regulations will implement a mandatory disclosure regime which is closely aligned with the Organisation for Economic Cooperation and Development s (OECD s) Mandatory Disclosure Rules of Common Reporting Standard (CRS) Avoidance Arrangements and Opaque Offshore Struct

United kingdomTaxation companiesTaxation implementation international tax compliance mandatory disclosureOrganisation for economic cooperationInternational tax complianceMandatory disclosure rulesOpaque offshore structuresEconomic cooperationCommon reporting standardAvoidance arrangementsEconomic substanceLaw firmsLaw updatesLegal updatesLegal developmentsLaw developments