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Закон страна: Каймановы острова; язык закона: Английский

The International Tax Co-operation (Economic Substance) Bill, 2018

Закон о международном налоговом сотрудничестве (Экономическое присутствие) на Каймановых островах, 2018

Оригинал закона

Аннотация

ENACTED by the Legislature of the Cayman Islands.
 
1. (1) This Law may be cited as the International Tax Co-operation (Economic Substance) Law, 2018.  
(2) This Law shall come into force on 1 st January, 2019.
2. (1) In this Law –

  • “Authority” means the Tax Information Authority designated under section 4 of the Tax Information Authority Law (2017 Revision) or a person designated by the Authority to act on behalf of the Authority;
  • “Cayman Islands Monetary Authority” means the Authority established as such under section 5(1) of the Monetary Authority Law (2018 Revision);
  • “director”, in relation to an entity, means any director, member or other person in whom the management of the entity is vested and “board of directors” shall be construed accordingly;
  • “economic substance test” shall be construed in accordance with section 4; and “Registrar” –
    • (a) in the case of a company that is incorporated or registered under the Companies Law (2018 Revision), has the meaning given to that expression by section 2(1) of that Law;
    • (b) in the case of a limited liability company that is registered under the Limited Liability Companies Law (2018 Revision), has the meaning given to that expression by section 2 of that Law; or
    • (c) in the case of a limited liability partnership that is registered under the Limited Liability Partnership Law, 2017, has the meaning given to that expression by section 2(1) of that Law.

(2) In this Law, words and expressions listed in the Schedule are to be construed in accordance with that Schedule.
3. Notwithstanding any other functions of the Authority under any other law, the Authority shall have the following functions –

  • (a) to administer this Law;
  • (b) to determine whether a relevant entity that is required to satisfy the economic substance test in relation to a relevant activity satisfies such test;
  • (c) to monitor compliance with this Law; and
  • (d) any other function specified in this Law.

4. (1) Subject to subsections (5), (6) and (7) and to regulations made under section 15, a relevant entity that carries on a relevant activity is required to satisfy the economic substance test in relation to that relevant activity.
(2) Subject to subsections (3), (4) and (5), a relevant entity satisfies the economic substance test in relation to a relevant activity, if the relevant entity –

  • conducts Cayman Islands core income generating activities in relation to that relevant activity;  
  • (b) is directed and managed in an appropriate manner in or from within the Islands in relation to that relevant activity; and
  • (c) having regard to the level of relevant income derived from the relevant activity carried out in or from within the Islands –
    • (i) has an adequate amount of operating expenditure incurred in or from within the Islands;
    • (ii) has an adequate physical presence (including maintaining a place of business or plant, property and equipment) in the Islands; and
    • (iii) has an adequate number of full-time employees or other personnel with appropriate qualifications in the Islands.

(3) A relevant entity complies with subsection (2)(b) if in relation to a relevant activity –

  • (a) the relevant entity’s board of directors, as a whole, has the appropriate knowledge and expertise to discharge its duties as a board of directors;
  • (b) meetings of the board of directors are held in the Islands at adequate frequencies given the level of decision making required;
  • (c) during a meeting of the board of directors described in paragraph (b), there is a quorum of directors present in the Islands;
  • (d) the minutes of the meetings of the board of directors described in paragraph (b) record the making of strategic decisions of the relevant entity at the meeting; and
  • (e) the minutes of all meetings of the board of directors and appropriate records of the relevant entity are kept in the Islands.

(4) A relevant entity satisfies the economic substance test in relation to a relevant activity if its Cayman Islands core income generating activities in relation to that relevant activity are conducted by any other person and the relevant entity is able to monitor and control the carrying out of the Cayman Islands core income generating activities by that other person.
 
(5) A relevant entity that is only carrying on a relevant activity that is the business of a pure equity holding company is subject to a reduced economic substance test which is satisfied if the relevant entity confirms that –

  • (a) it has complied with all applicable filing requirements under the Companies Law (2018 Revision); and
  • (b) it has adequate human resources and adequate premises in the Islands for holding and managing equity participations in other entities.

(6) A relevant entity that is carrying on a relevant activity shall satisfy the economic substance test from the date prescribed.
 
(7) A relevant entity that is carrying on a relevant activity that is a high risk intellectual property business is presumed not to have met the economic substance test for a financial year, even if there are core income generating activities relevant to the business and the intellectual property assets being carried out in or from within the Islands, unless the relevant entity –

  • can demonstrate that there was, and historically has been, a high degree of control over the development, exploitation, maintenance, enhancement and protection of the intangible asset, exercised by an adequate number of full-time employees with the necessary qualifications that permanently reside and perform their activities within the Islands; and
  • (b) provides sufficient information under section 7(4)(j) to the Authority in relation to that financial year to rebut this presumption.

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