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Regulatory Blog

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European Commission publishes draft Directive to prevent the misuse of shell entities
On 22 December 2021, the European Commission (EC) published a draft Directive as part of its fight against the use of entities that do not perform any economic activity, so-called shell entities, and which are assumed to be used for improper tax purposes. In spite of representations to the contrary, the EC has specifically stated that this particular initiative is needed notwithstanding the plethora of other initiatives taken over the last few years.
Cayman – ES tax resident overseas/tax resident in another jurisdiction form
The tax resident overseas/tax resident in another jurisdiction (TRO/TRIAJ) form (Form) for a successive reporting period is now available on the DITC Portal, here. The Form for the successive reporting period is based on the form submitted for the previous financial year.
Enforcement action under the BVI Economic Substance regime - ITA determinations of non-compliance 09 June 2021
Our BVI economic substance team has put together an overview of the process under which we are beginning to see the BVI International Tax Authority (ITA) determining that a BVI company or limited partnership may have been non-compliant with the economic substance regime requirements during the first financial period (typically June 2019 to June 2020, with reporting submitted by December 2020).
Cayman DITC Portal for FATCA, CRS and Economic Substance filings
Due to the delay for the Economic Substance (ES) component, the ES filing deadlines have been extended for this time only. The returns for relevant entities conducting IP business are now due by 31 January 2021 and the returns for relevant entities conducting all other relevant activities are due by 28 February 2021, for those due to file prior to these dates.
Economic substance – director meetings
The Cayman Islands government has advised that they are aware that some entities may not be able to hold their board of directors meetings in Cayman during the year due to the many travel restrictions in place.
Luxembourg update: Grand Ducal Regulation introducing measures concerning meetings in companies and other legal entities
Ever-pragmatic, the Luxembourg legislature has enacted a Grand Ducal Regulation, which entered into force on 20 March 2020, permitting a Luxembourg company, notwithstanding any contrary provisions in its articles of incorporation, to hold any general meeting without a physical meeting, and require its shareholders or members and other participants in the meeting to attend and exercise their rights exclusively:
BVI competent authorities maintain operations during COVID-19 outbreak
The BVI government announced on 18 March 2020 that the territory would go into partial lockdown to tackle the COVID-19 pandemic with effect from 19 March. In response the competent authorities, which are central to the operation of the financial services industry, have informed the public that they will continue to remain operational in this extraordinary period.
Amendments to the Cayman Islands economic substance law
The Cayman Islands government recently passed an amendment to supplement its economic substance law. The amendments reflect feedback received from the EU Commission and the FHTP Secretariat.
The Cayman Islands Economic Substance developments
The Cayman Islands Government recently published a Bill to supplement the economic substance law. The contents of the Bill reflect feedback received from the EU Commission and the FHTP Secretariat. Our client alert in relation to the changes proposed by the Bill can be found here.
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