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【Offshore Companies】CAYMAN ISLANDS: New regulations on economic substance and the transfer of virtual assets

1. CAYMAN ISLANDS: TIA sets out fines for non-compliance with CRS and economic substance rules

The Cayman Islands Tax Information Authority (TIA) has published enforcement guidelines for the Common Reporting Standard (CRS) and economic substance regimes, setting out the penalties payable for breaches. Offences committed by a body corporate or by an individual who forms part of an unincorporated Cayman Islands financial institution could be liable for fines of more than USD60,000, with imputed criminal liability for directors, managers, secretaries and other officers, members, general partners, partners and trustees. Entities that failed to meet the economic substance test can be fined up to USD122,000...

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