The Cayman Islands Department for International Tax Cooperation (DITC) issued an industry advisory on 11 January 2021 concerning economic substance updates, including extended deadlines for economic substance (ES) reporting for the first year. The deadlines according to the obligation and period end date are as follows:
- ES returns (all except IP Business) for periods ending 31 December 2019 to 30 April 2020 - 30 April 2021 deadline
- ES returns for periods ending 1 May 2020 onwards - 12 month…