The Cayman Islands Department for International Tax Cooperation has published an updated version of its Economic Substance Enforcement Guidelines (Version 1.3), dated August 2022. The guidelines provide an overview of the Economic Substance (ES) requirements under the ES Act, which have been in force since 1 January 2019, with specific sections on the administrative penalties under the ES Act, the investigatory functions of the authority, missed reporting, failure of the economic substance t…