The Cayman Islands Tax Information Authority (TIA) released an updated version of the Economic Substance guidance notes (Version 3) on July 13, 2020.
This eagerly anticipated guidance was well received by the financial services industry and provides enhanced clarity on the requirements of the Cayman Islands Economic Substance regime, including sector specific guidance and an anti-avoidance provision.
This further demonstrates the Cayman Islands commitment to international regulatory standards.
Please refer to the Cayman Islands TIA's guidance here.
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