As 2022 draws to a close, we take this opportunity to remind Cayman Islands entities of certain regulatory obligations and filing deadlines.
Cayman Islands Government
Grand Cayman, 28 November 2022 – The Cayman Islands continue to make significant contributions to international tax cooperation efforts, as evidenced by its ongoing involvement...
The OECD Standard for Automatic Exchange of Financial Account Information (commonly known as the Common Reporting Standard or "CRS") is a global information exchange regime developed...
The Irish Minister for Finance has published the Irish Finance Bill 2022 which includes a proposed change to a VAT exemption commonly relied on by Irish section...
The Cayman Islands Tax Information Authority (TIA) issued new Enforcement Guidelines: Common Reporting Standard (CRS) and Enforcement Guidelines: Economic Substance (ES) on 31 March 2022...
Travers Thorp Alberga
So exclaimed Mark Twain on reading his evidently premature obituary. And we can similarly characterise the hopelessly inept Economist article of 1st June 2021 "Twilight of the Tax Haven", in similarly suggesting that the effect ...
Over time, local and international law and accounting firms grew and attracted talent, creating a self-reinforcing cluster of expertise and investment.
An Executive Summary of an academic research paper by Oxford Economics.
On 30 June 2021, the Cayman Islands Government gazetted the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2021 (Amendment of ES Schedule Regulations)...
In line with ongoing commitments given by the Cayman Islands, regulations came into force in the Cayman Islands on 30 June 2021.
This guide to Cayman's private client sector includes commentary on tax, trusts, foundations and private wealth structures used within the jurisdiction, including charitable or philanthropic structures.
Walkers has recently worked with ICLG to create a Private Client guide exploring the jurisdiction of the Cayman Islands for 2021.
Cadwalader, Wickersham & Taft LLP
On January 7, 2022, the European Commission adopted a draft regulation adding the Cayman Islands to its list of countries with strategic deficiencies in their AML/KYC regimes.
The new proposals are aimed at entities which do not maintain sufficient substance within the EU.
On 18 May 2021, the European Commission adopted a Communication on Business Taxation1 for the 21st century which takes account of the G20 / OECD...
n a piece for the Business Post, Andrew Quinn comments on the trends he's seeing in the corporate tax world which include the increased power of the EU, the impact of Brexit and tax litigation.
The following BVI legislative supplements to the Mutual Legal Assistance (Tax Matters) Act ("MLA Act") and the International Tax Authority Act ("ITA Act") were gazetted on 13 June 2022...
While we do not expect to see significant new areas of regulation being introduced in 2022, existing regulatory regimes will continue to develop.
The Bipartisan Budget Act of 2015 introduced new partnership audit rules, which require entities that file a partnership tax return in the United States (the "US") (Form 1065)...
The industry advisories dated 11 January 2021 and 22 January 2021 issued by the Department for International Tax Cooperation ("DITC") advise industry of updates in relation...