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ARTICLE · 29 JULY 2020

Tax Information Authority Publishes Es Guidance Notes Version 3.0

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On 13 July 2020, the Cayman Islands Tax Information Authority (the Authority) issued long-awaited version 3.0 of its Economic Substance for Geographically Mobile Activities Guidance...

Cayman IslandsFinance and Banking
Simon Raftopoulos
Simon Raftopoulos
Jennifer Parsons
Jennifer Parsons
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On 13 July 2020, the Cayman Islands Tax Information Authority (the Authority) issued long-awaited version 3.0 of its Economic Substance for Geographically Mobile Activities Guidance (New ES Guidance Notes). Version 2.0 had been issued on 30 April 2019, and the period since that time ushered in a number of amendments to the primary law to which the guidance relates, the International Tax Co-operation (Economic Substance) Law (2020 Revision), as amended (ES Law). A preview of version 3.0 of the guidance had been released to industry for consultation in November 2019, and in large measure the New ES Guidance Notes retain most of the aspects of that earlier consultation draft.

The New ES Guidance Notes reflect several significant developments, with two being of particular importance:

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