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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Associate
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Associate
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

Cayman Government updates on FATCA/CRS reporting deadline and economic substance

On 13 June 2019, the Cayman Island’s Department for International Tax Cooperation (DITC) issued an industry advisory informing the following:

1. AEOI Portal, FATCA/CRS reporting deadline: 31 July 2019;

2. Economic substance – update, in particular:

  • Legislative assessment – OECD forum on harmful tax practices;
  • Economic substance (ES) notification – completion required prior to filing the General Registry’s annual returns; and
  • XML schema and systems update.

The development of the DITC’s economic substance portal has commenced and is expected to open mid-2020. A user guide will be published in advance of the portal launch.

All relevant entities are obliged to submit an ES notification through the General Registry system. This procedure is separate from the General Registry’s annual return filings and the mandatory ES notification must be completed and filed electronically, in order to proceed with the necessary filings of the annual returns. The notification must be submitted via a smart form and wherever an entity is claiming for exemption, supporting documents will be required to validate the claim.

The smart form system is expected to be online and further guidance available in Q4 2019.

The industry advisory can be found here.