The Ministry of Financial Services wishes to advise the following:
Industry is advised that the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2020 have been gazetted today (Friday, 10 July) and are now in effect.
The International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2020 (the “Regulations”) were made by the Cabinet pursuant to section 15(1)(b) of the International Tax Cooperation
(Economic Substance) Law (2020 Revision) (As Amended) (the ”ES Law”).
The Regulations were made to satisfy Cayman’s continued commitment to meet EU requirements regarding economic substance.
The Regulations delete the words “9 or” from the definition of “domestic company”, with the result that companies limited by guarantee formed pursuant to section 9 of the Companies Law (2020 Revision) (As Amended) are now in scope for the purposes of the ES Law.
(Via Press Release)