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ARTICLE · 07 SEPTEMBER 2020

Cayman Islands Update: Economic Substance Guidance Notes V3.0 Issued

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The Cayman Islands DITC issued new Guidance on Economic Substance for Geographically Mobile Activities.

Cayman IslandsFinance and Banking
Jon Fowler
Jon Fowler
Jonathan Green
Jonathan Green
Alasdair Robertson
Alasdair Robertson
Matthew Gardner
Matthew Gardner
Christopher Capewell
Christopher Capewell
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On 13 July 2020, the Cayman Islands Department for International Tax Cooperation (the "DITC") issued version 3.0 of the Guidance on Economic Substance for Geographically Mobile Activities (the "Guidance") pursuant to the ES Law (as defined below). This replaces the previous version 2.0 of the Guidance issued on 30 April 2019.

The Guidance supplements the International Tax Co-operation (Economic Substance) Law (2020 Revision), as amended by the International Tax Co-Operation (Economic Substance) (Amendment) Law, 2020 and supplemented by the International Tax Co-Operation (Economic Substance) (Amendment of Schedule) Regulations, 2020 and the International Tax Co-Operation (Economic Substance) Regulations, 2020 (collectively, the "ES Law")1.

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