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ARTICLE · 21 JANUARY 2021

Economic Substance And CBCR - January 2021

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The DITC announced further Economic Substance updates including reporting deadline extensions.

Cayman IslandsStrategy

The DITC announced further Economic Substance updates including reporting deadline extensions.

20 Jan 2021

Economic Substance Reporting Deadline Extensions and Changes in Content of Returns

Further to our previous update, the Department for International Tax Cooperation ("DITC") has issued industry advisories on 23 December 2020 and 11 January 2021 (the "January Advisory") with further Economic Substance ("ES") updates.

The reporting deadlines for entities due to file a return (an "ES Return") have been extended.  However, the deadline for the first submission for entities providing evidence that they are tax resident overseas ("TRO") remains 28 February 2021 for those with a financial year ending up to 29 February 2020.

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