As of Friday 15 May, the Department for International Tax Cooperation (DITC) is providing industry with the advance release of the following two Economic Substance (“ES”) Forms:
1. Form for Outsource Service Providers
2. Form for Entity Tax Resident in Another Jurisdiction
As previously advised, the new DITC portal will launch with CRS and FATCA notification and reporting functionality only and it is anticipated that the ES functionality will be added at the end of the third quarter of 2020. Whilst the 2020 deadline for submission of the Form for an Entity Tax Resident in Another Jurisdiction is 31 December 2020, the DITC is aware that the form is new and is therefore advising of the requirements with as much advance notice as possible. These requirements are as outlined in the ES Law. It should be noted that there is no deadline for the Form for Outsource Service Providers.
The DITC have also published Notes for Users for both forms on the DITC website. These Notes for Users explain the purpose and provide a high-level overview of the data points the DITC will be collecting on the forms.
Please note that the DITC is working on the ES Return and will publish a PDF of the form along with accompanying Notes in due course.
A user guide will also be published in due course. In the interim, if you have any queries, please email CaymanESportal@gov.ky.