Upcoming deadline for filing Cayman CRS Compliance Form

Pursuant to the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision), Cayman Islands Reporting Financial Institutions and Trustee Documented Trusts are required to submit an annual CRS Compliance Form. CRS Compliance Forms in respect of both the 2019 and 2020 reporting periods must be uploaded to the Department for International Tax Cooperation Portal by 15 September 2021.

Related briefings

BVI Economic Substance – ITA commences audit process

Following the introduction of the Economic Substance (Companies and Limited Partnerships) Act, 2018 and the passing of the deadline for the first filings thereunder to be made by BVI entities, the BVI International Tax Authority (ITA) has now begun making targeted audit requests to verify the “relevant activities” carried out by BVI entities which have made their mandated economic substance filings.

There is such a thing as a good divorce

The idea of divorce often still conjures images of warring spouses and courtroom showdowns. However, although almost all separations will be emotional, bitter fights over finances and access to children are not the inevitable outcome of a separation and there is a growing trend for parties to turn to services which offer a less combative approach to separations. Take Bill and Melinda Gates for example, they are the latest high-profile pairing to divorce with seemingly minimal fallout.

Data protection act enters into force in the BVI

On 9 July 2021, the Data Protection Act, 2021 (the DPA) came into force in the British Virgin Islands. The DPA applies to all BVI companies, limited partnerships and other entities that process, have control over or authorise, the processing of, personal data anywhere in the world.

Latest Briefings

Cartels and the construction sector: Levelling up and screwing down

In recent years, the UK’s construction sector has not had a happy track record with respect to competition law enforcement, where the Competition and Markets Authority has fined construction companies a total of £67 million across five cases. Of particular significance is the increased focus on individual responsibility, as these cases also led to the disqualification of 11 directors and two criminal convictions.

Snapshot: Enforcement of foreign arbitral awards in the Cayman Islands

Foreign arbitral awards may be enforced relatively quickly and easily in the Cayman Islands and the Cayman Islands courts are willing to assist with the recovery of judgment debts. This Snapshot provides an overview of the recognition process and the steps that are then available for enforcement.

Jersey Royal Court concludes there is no substratum rule that applies to Jersey trusts

The Royal Court has recently clarified the Jersey law position of whether a trust is able to lose its substratum. Following analysis of the recent decision of the Bermuda Court of Appeal in Grand View Private Trust Company Limited v Wong & Ors, the Royal Court concluded that there was no substratum rule which applied to Jersey trusts and that powers of addition or exclusion contained within Jersey trusts should be given their natural meaning.

Working with AI

On 23 September 2021 Shoosmiths hosted its latest IHL webinar on working with AI: the key types, implementing AI and what the future might bring. Ian Blackwell represented Next Retail Ltd on the panel, alongside Simon McArdle and Sebastian Price, Commercial Partners at Shoosmiths.

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