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(1) These Regulations may be cited as the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2021. (2) These Regulations come into force on 30th June, 2021.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of the Schedule to the International Tax Co-operation (Economic Substance) Act (2021 Revision) - construction of words and expressions 2. The International Tax Co-operation (Economic Substance) Act (2021 Revision) is amended in the Schedule as follows \u2014 (a) by renumbering paragraph 1 as paragraph 1(1); (b) in paragraph 1(1), as renumbered, as follows \u2014 Regulation 2 International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2021 SL 48 of 2021 (i) by deleting the definition of the words \u201ccarrying on business in the Islands\u201d and substituting the following definition \u2014 \u201c \u201ccarrying on business in the Islands\u201d has the same meaning as \u201ccarry on business in the Islands\u201d in section 2(2) of the Local Companies (Control) Act (2019 Revision) except that references in that definition to \u201ccompany\u201d and \u201cexempted company\u201d shall be interpreted to include \u201cpartnership\u201d;\u201d; (ii) by deleting the definition of the words \u201cpure equity holding company\u201d and substituting the following definition \u2014 \u201c \u201cpure equity holding company\u201d means  an entity that only holds equity participations in other entities and only earns dividends and capital gains;\u201d; (iii) in the definition of the words \u201crelevant entity\u201d, by inserting after paragraph (a) the following paragraphs \u2014 \u201c(aa) a partnership as defined under section 3 of the Partnership Act (2013 Revision), except where the partnership is a local partnership; (ab) an exempted limited partnership as defined under section 2 of the Exempted Limited Partnership Act (2021 Revision); (ac) a foreign limited partnership registered under section 42 of the Exempted Limited Partnership Act (2021 Revision);\u201d; (iv) by deleting the definition of the words \u201cultimate beneficial owner\u201d and substituting the following definition \u2014 \u201c \u201cultimate beneficial owner\u201d\u2014 (a) in relation to a company that is incorporated or registered under the Companies Act (2021 Revision), has the same meaning as \u201cbeneficial owner\u201d in section 244 of that Act; (b) in relation to a limited liability company that is registered under the Limited Liability Companies Act (2021 Revision), has the same meaning as \u201cbeneficial owner\u201d in section 70 of that Act; (c) in relation to a partnership as defined under section 3 of the Partnership Act (2013 Revision), has the same meaning as \u201cbeneficial owner\u201d in section 51 of the Limited Liability Partnership Act (2021 Revision) except that references to \u201climited liability partnership\u201d in sections 51 and 54 of the Limited Liability Partnership Act (2021 Revision) shall be interpreted to mean a reference to \u201cpartnership\u201d; International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2021 Regulation 2 SL 48 of 2021 (d) in relation to an exempted limited partnership as defined under section 2 of the Exempted Limited Partnership Act (2021 Revision), has the same meaning as \u201cbeneficial owner\u201d in section 51 of the Limited Liability Partnership Act (2021 Revision) except that references to \u201climited liability partnership\u201d in sections 51 and 54 of the Limited Liability Partnership Act (2021 Revision) shall be interpreted to mean a reference to \u201cexempted limited partnership\u201d; (e) in relation to a foreign limited partnership registered under section 42 of the Exempted Limited Partnership Act (2021 Revision,) has the same meaning as \u201cbeneficial owner\u201d in section 51 of the Limited Liability Partnership Act (2021 Revision) except that references to \u201climited liability partnership\u201d in sections 51 and 54 of the Limited Liability Partnership Act (2021 Revision) shall be interpreted to mean a reference to \u201cforeign limited partnership\u201d; or (f) in relation to a limited liability partnership that is registered under the Limited Liability Partnership Act (2021 Revision), has the same meaning as \u201cbeneficial owner\u201d in section 51 of that Act;\u201d; and (v) by inserting in the appropriate alphabetical sequence, the following definitions \u2014 \u201c \u201clocal partnership\u201d means a partnership as defined under section 3 of the Partnership Act (2013 Revision) that is not part of an MNE Group and \u2014 (a) that is only carrying on business in the Islands and is empowered by its partnership agreement to carry on business in the Islands; and (b) that \u2014 (i) is licensed under the Trade and Business Licensing Act (2021 Revision) and, at the relevant time, is carrying on such business in accordance with the terms and conditions imposed in such licence and not otherwise; (ii) is operating under a franchise granted by the government; or (iii) complies with section 3(a) of the Trade and Business Licensing Act (2021 Revision); and Regulation 2 International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2021 SL 48 of 2021 \u201cRegistrar\u201d\u2014 (a) in relation to a partnership means the Registrar of Limited Partnerships under section 48 of the Partnership Act (2013 Revision); (b) in relation to an exempted limited partnership means the Registrar of Exempted Limited Partnerships under section 8 of the Exempted Limited Partnership Act (2021 Revision); or (c) in relation to a foreign limited partnership registered under section 42 of the Exempted Limited Partnership Act (2021 Revision), means the Registrar of Exempted Limited Partnerships under section 8 of the Exempted Limited Partnership Act (2021 Revision)\u201d; and (c) by inserting after subparagraph (1) the following subparagraph \u2014 \u201c(2) Notwithstanding sections 7(10) and 10(5) of the Act, a partnership under the Partnership Act (2013 Revision), an exempted limited partnership under section 2 of the Exempted Limited Partnership Act (2021 Revision) or a foreign limited partnership under section 42 of the Exempted Limited Partnership Act (2021 Revision) is, from the commencement of the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2021, an entity for the purposes of sections 7 and 10 of the Act.\u201d. 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published with Legislation Gazette No. 38 dated 29th June, 2021.\n\u2000\n\nPage 2\nSL 48 of 2021\nc\n\nPUBLISHING DETAILS\n\nInternational Tax Co-operation (Economic Substance) (Amendment of\nSchedule) Regulations, 2021\nRegulation 1\n\nc\nSL 48 of 2021\nPage 3\n\nCAYMAN ISLANDS\n\nInternational Tax Co-operation (Economic Substance) Act\n(2021 Revision)\nINTERNATIONAL TAX CO-OPERATION\n(ECONOMIC SUBSTANCE) (AMENDMENT OF\nSCHEDULE) REGULATIONS, 2021\n(SL 48 of 2021)\nIn exercise of the powers conferred by section 15 of the International Tax Co-operation\n(Economic Substance) Act (2021 Revision), the Cabinet makes the following\nRegulations \u2014\n1.\nCitation and commencement\n1.\n(1)\nThese Regulations may be cited as the International Tax Co-operation\n(Economic Substance) (Amendment of Schedule) Regulations, 2021.\n(2)\nThese Regulations come into force on 30th June, 2021.\n2.\nAmendment of the Schedule to the International Tax Co-operation\n(Economic Substance) Act (2021 Revision) - construction of words and\nexpressions\n2.\nThe International Tax Co-operation (Economic Substance) Act (2021 Revision) is\namended in the Schedule as follows \u2014\n(a)\nby renumbering paragraph 1 as paragraph 1(1);\n(b) in paragraph 1(1), as renumbered, as follows \u2014\n\nRegulation 2\nInternational Tax Co-operation (Economic Substance) (Amendment of\nSchedule) Regulations, 2021\n\nPage 4\nSL 48 of 2021\nc\n\n(i)\nby deleting the definition of the words \u201ccarrying on business in the\nIslands\u201d and substituting the following definition \u2014\n\u201c \u201ccarrying on business in the Islands\u201d has the same meaning as\n\u201ccarry on business in the Islands\u201d in section 2(2) of the Local\nCompanies (Control) Act (2019 Revision) except that references in\nthat definition to \u201ccompany\u201d and \u201cexempted company\u201d shall be\ninterpreted to include \u201cpartnership\u201d;\u201d;\n(ii)\nby deleting the definition of the words \u201cpure equity holding\ncompany\u201d and substituting the following definition \u2014\n\u201c \u201cpure equity holding company\u201d means  an entity that only holds\nequity participations in other entities and only earns dividends and\ncapital gains;\u201d;\n(iii) in the definition of the words \u201crelevant entity\u201d, by inserting after\nparagraph (a) the following paragraphs \u2014\n\u201c(aa) a partnership as defined under section 3 of the\nPartnership Act (2013 Revision), except where the\npartnership is a local partnership;\n(ab) an exempted limited partnership as defined under\nsection 2 of the Exempted Limited Partnership Act (2021\nRevision);\n(ac) a foreign limited partnership registered under section 42\nof the Exempted Limited Partnership Act (2021\nRevision);\u201d;\n(iv) by deleting the definition of the words \u201cultimate beneficial owner\u201d\nand substituting the following definition \u2014\n\u201c \u201cultimate beneficial owner\u201d\u2014\n(a)\nin relation to a company that is incorporated or registered\nunder the Companies Act (2021 Revision), has the same\nmeaning as \u201cbeneficial owner\u201d in section 244 of that Act;\n(b)\nin relation to a limited liability company that is registered\nunder the Limited Liability Companies Act (2021 Revision),\nhas the same meaning as \u201cbeneficial owner\u201d in section 70 of\nthat Act;\n(c)\nin relation to a partnership as defined under section 3 of the\nPartnership Act (2013 Revision), has the same meaning as\n\u201cbeneficial owner\u201d in section 51 of the Limited Liability\nPartnership Act (2021 Revision) except that references to\n\u201climited liability partnership\u201d in sections 51 and 54 of the\nLimited Liability Partnership Act (2021 Revision) shall be\ninterpreted to mean a reference to \u201cpartnership\u201d;\n\nInternational Tax Co-operation (Economic Substance) (Amendment of\nSchedule) Regulations, 2021\nRegulation 2\n\nc\nSL 48 of 2021\nPage 5\n\n(d)\nin relation to an exempted limited partnership as defined under\nsection 2 of the Exempted Limited Partnership Act (2021\nRevision), has the same meaning as \u201cbeneficial owner\u201d in\nsection 51 of the Limited Liability Partnership Act (2021\nRevision)\nexcept\nthat\nreferences\nto\n\u201climited liability\npartnership\u201d in sections 51 and 54 of the Limited Liability\nPartnership Act (2021 Revision) shall be interpreted to mean a\nreference to \u201cexempted limited partnership\u201d;\n(e)\nin relation to a foreign limited partnership registered under\nsection 42 of the Exempted Limited Partnership Act (2021\nRevision,) has the same meaning as \u201cbeneficial owner\u201d in\nsection 51 of the Limited Liability Partnership Act (2021\nRevision)\nexcept\nthat\nreferences\nto\n\u201climited liability\npartnership\u201d in sections 51 and 54 of the Limited Liability\nPartnership Act (2021 Revision) shall be interpreted to mean a\nreference to \u201cforeign limited partnership\u201d; or\n(f)\nin relation to a limited liability partnership that is registered\nunder the Limited Liability Partnership Act (2021 Revision),\nhas the same meaning as \u201cbeneficial owner\u201d in section 51 of\nthat Act;\u201d; and\n(v)\nby inserting in the appropriate alphabetical sequence, the following\ndefinitions \u2014\n\u201c \u201clocal partnership\u201d means a partnership as defined under section\n3 of the Partnership Act (2013 Revision) that is not part of an MNE\nGroup and \u2014\n(a)\nthat is only carrying on business in the Islands and is\nempowered by its partnership agreement to carry on business\nin the Islands; and\n(b)\nthat \u2014\n(i)\nis licensed under the Trade and Business Licensing Act\n(2021 Revision) and, at the relevant time, is carrying on\nsuch business in accordance with the terms and\nconditions imposed in such licence and not otherwise;\n(ii)\nis operating under a franchise granted by the\ngovernment; or\n(iii) complies with section 3(a) of the Trade and Business\nLicensing Act (2021 Revision); and\n\nRegulation 2\nInternational Tax Co-operation (Economic Substance) (Amendment of\nSchedule) Regulations, 2021\n\nPage 6\nSL 48 of 2021\nc\n\n\u201cRegistrar\u201d\u2014\n(a)\nin relation to a partnership means the Registrar of\nLimited Partnerships under section 48 of the Partnership\nAct (2013 Revision);\n(b)\nin relation to an exempted limited partnership means the\nRegistrar of Exempted Limited Partnerships under\nsection 8 of the Exempted Limited Partnership Act (2021\nRevision); or\n(c)\nin relation to a foreign limited partnership registered\nunder section 42 of the Exempted Limited Partnership\nAct (2021 Revision), means the Registrar of Exempted\nLimited Partnerships under section 8 of the Exempted\nLimited Partnership Act (2021 Revision)\u201d; and\n(c)\nby inserting after subparagraph (1) the following subparagraph \u2014\n\u201c(2) Notwithstanding sections 7(10) and 10(5) of the Act, a\npartnership under the Partnership Act (2013 Revision), an\nexempted limited partnership under section 2 of the Exempted\nLimited Partnership Act (2021 Revision) or a foreign limited\npartnership under section 42 of the Exempted Limited\nPartnership Act (2021 Revision) is, from the commencement\nof the International Tax Co-operation (Economic Substance)\n(Amendment of Schedule) Regulations, 2021, an entity for the\npurposes of sections 7 and 10 of the Act.\u201d.\n\nMade in Cabinet the 29th day of June, 2021.\nKim Bullings\nClerk of the Cabinet","akn_extracted_at":"2026-06-22 15:41:44.386712+00","cms_id":"2021-A048","law_type":"amending","year":"2021","number":"A048","title":"International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2021 (SL48 of 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