1

The outcome is positive, with the Cayman Islands' legislative framework for economic substance judged to be in line with OECD standards.

2

The Cayman Islands Department for International Tax Cooperation ("DITC") has issued an industry advisory regarding developments in relation to economic substance requirements.

3

In an Industry Advisory dated 3 May 2019, the Cayman Islands DITC advises that the The International Tax Co-operation (Economic Substance) (Amendment of Schedule) (No. 2) Regulations, 2019 ...

4

The Cayman Islands, along with many other jurisdictions, has been required by the OECD to introduce economic substance requirements.

5

As advancements in technology continue to enhance business' ability to operate from almost anywhere in the world, the need grows for legislators to modernise tax laws, increase regulations, and seek new ways to deal with ...

6

Bermuda's economic substance legislation is currently in force and Walkers Bermuda is available to discuss the implications of the requirements in more detail.

7

In response to the O.E.C.D.'s B.E.P.S. recommendations and the conclusions and concerns identified by the E.U. Code of Conduct Group of Business Taxation,

8

As a result of the OECD'S global Base Erosion and Profit Shifting ("BEPS") initiative and the EU Code of Conduct Group substance requirements modelled on BEPS Action 5 ...

9

The European Union has announced that, with effect from 12 March 2019, Bermuda has been added to the list of non-cooperative jurisdictions for tax purposes.

10

On 1 January 2019, The International Tax Co-Operation (Economic Substance) Law, 2018 of the Cayman Islands (ES Law) and related Regulations came into force. Additional Regulations and Guidance

11

The Cayman Islands economy has continued to grow at a steady pace since its economic recovery began in 2011.

12

In view of heightened socio-economic and political uncertainties in 2016, global economic activity during the year experienced a decline in the overall growth rate, from 3.4% in 2015 to 3.1%.

13

The Cayman economy has been on a steady upward trajectory in recent years: in 2011-2015, GDP growth averaged 1.7 percent, slightly higher than the potential GDP growth of 1.6 percent.

14

Minister Panton Speaks at European Parliament Meeting

15

The CLOser is the Maples group's industry newsletter for the global CLO market.