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Economic substance requirements: overview


Introduction
Along with its fellow Crown dependencies and overseas territories and other international financial centres, the Cayman Islands now has comprehensive legislation and regulations requiring Cayman-domiciled or registered legal entities which carry on certain activities to have demonstrable substance in the Cayman Islands.
The International Tax Cooperation (Economic Substance) Act reflected the Cayman Islands commitment to its obligations as a member of the Organisation for Economic Cooperation and Development s global Base Erosion and Profit Shifting Inclusive Framework and corresponding EU requirements for no or nominal tax jurisdictions.
This article summarises the key elements of the International Tax Cooperation (Economic Substance) Act, which has been subject to various updates since its introduction, and draws upon guidance issued by the Tax Information Authority (TIA), which has responsibility for the supervision and implementation of the act. ....

Cayman Islands , Tax Information Authority , International Tax Cooperation Economic Substance , Organisation For Economic Cooperation , Cayman Islands Monetary Authority , International Tax Cooperation , Economic Substance , Cayman Island , Economic Cooperation , Base Erosion , Profit Shifting Inclusive Framework , Grand Court , கேமன் தீவுகள் , வரி தகவல் அதிகாரம் , சர்வதேச வரி ஒத்துழைப்பு பொருளாதார பொருள் , ஆர்கநைஸேஶந் க்கு பொருளாதார ஒத்துழைப்பு , கேமன் தீவுகள் பண அதிகாரம் , சர்வதேச வரி ஒத்துழைப்பு , பொருளாதார பொருள் , கேமன் தீவு , பொருளாதார ஒத்துழைப்பு , அடித்தளம் அரிப்பு , மாபெரும் நீதிமன்றம் ,

SVG passes new tax laws to avoid being blacklisted by EU


SVG passes new tax laws to avoid being blacklisted by EU
Finance Minister, Camillo Gonsalves
Social Share
Two pieces of legislation were passed in Parliament this week in an effort to place St Vincent and the Grenadines (SVG) on a footing to avoid being blacklisted by the European Union, as it relates to taxation.
These Acts, the Income Tax (Amendment) Act 2020 and International Tax Cooperation (Economic Substance) Act 2020, were both tabled by finance minister, Camillo Gonsalves on Monday.
Though the two pieces of legislation were debated separately, Gonsalves said that they were closely related, and in fact two sides of the same coin. ....

Saint Vincent And The Grenadines , Camillo Gonsalves , International Trust , European Union , International Tax Cooperation Economic Substance , Organisation For Economic Cooperation , International Business Companies , Finance Minister , Income Tax , International Tax Cooperation , Economic Substance , Income Tax Act , International Business Companies Act , International Trust Act , International Trusts , Economic Cooperation , Business Companie Amendment , Consolidation Act , துறவி வின்சென்ட் மற்றும் தி கிரெனடைன்கள் , சமில்லா கொண்சள்வேஸ் , சர்வதேச நம்பிக்கை , ஐரோப்பிய தொழிற்சங்கம் , சர்வதேச வரி ஒத்துழைப்பு பொருளாதார பொருள் , ஆர்கநைஸேஶந் க்கு பொருளாதார ஒத்துழைப்பு , சர்வதேச வணிக நிறுவனங்கள் , நிதி அமைச்சர் ,