August 2019 - The Cayman Islands Department for International
Tax Cooperation ("DITC") has issued an
industry advisory (click here) regarding developments in
relation to economic substance requirements. Our advisory with an
overview of the economic substance requirements can be viewed here and our subsequent update
can be viewed here.
Positive Outcome of Assessment of the Cayman Islands
On 23 July 2019, the OECD Inclusive Framework on BEPS published
the results of OECD level reviews of the economic substance legal
framework of the Cayman Islands and other OECD-compliant
jurisdictions with no or nominal tax. The outcome is positive, with
the Cayman Islands' legislative framework for economic
substance judged to be in line with OECD standards. The legislative
frameworks of Bermuda, the British VirginIslands, Guernsey and
Jersey were also judged to be in line with OECD standards.
