Latest Breaking News On - International tax economic substance - Page 1 : comparemela.com

[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