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Common Reporting Standard Update for the Cayman Islands

The Department for International Tax Cooperation (the “DITC”) has announced a soft opening for the first year of notifications and reporting under the Common Reporting Standard (“CRS”).

Changes to the CRS Notification and Reporting Due Dates

For 2017 CRS:

  • Notifications to the DITC will now be accepted up to 30 June 2017; and
  • Reporting obligations in respect of 2016 data will now be accepted up to 31 July 2017.

Notwithstanding these extended registration and reporting dates, it is anticipated that the Automatic Exchange of Information Portal (“AEOI Portal”) usage will be very high and Cayman Financial Institutions are advised to leave sufficient time to complete their notification and reports.

NIL Reporting under CRS now Mandatory

Pursuant to the terms of the newly issued Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016, each Cayman Reporting Financial Institution is required to make a NIL return to the DITC where the institution does not maintain any Reportable Accounts.

More Legislation Expected

The Cayman Islands Tax Information Authority (“TIA”) is due to issue revised CRS Guidance Notes and an AEOI Portal User Guide shortly. The CRS AEOI Portal and CRS return submission functionality is anticipated to be operational around mid to late April 2017.

UK CDOT

Cayman Reporting Financial Institutions are reminded that for 2017 they will satisfy their UK CDOT obligations by applying the CRS reporting procedures.

No Change to FATCA Reporting

Existing notifications and reporting obligations and deadlines regarding US FATCA remain unchanged and are not impacted by the above changes.

Please contact your usual Conyers Dill & Pearman contact if you have any questions.

 

To continue reading full articles in PDF format:
Common Reporting Standard Update for the Cayman Islands

 


Craig T. Fulton
Partner

CAYMAN ISLANDS   +1 345 814 7372


Kevin C. Butler
Partner, Head of Cayman Islands Office and Corporate Practice

CAYMAN ISLANDS   +1 345 814 7374


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Alerts

Common Reporting Standard Update for the Cayman Islands

The Department for International Tax Cooperation (the “DITC”) has announced a soft opening for the first year of notifications and reporting under the Common Reporting Standard (“CRS”).

Changes to the CRS Notification and Reporting Due Dates

For 2017 CRS:

  • Notifications to the DITC will now be accepted up to 30 June 2017; and
  • Reporting obligations in respect of 2016 data will now be accepted up to 31 July 2017.

Notwithstanding these extended registration and reporting dates, it is anticipated that the Automatic Exchange of Information Portal (“AEOI Portal”) usage will be very high and Cayman Financial Institutions are advised to leave sufficient time to complete their notification and reports.

NIL Reporting under CRS now Mandatory

Pursuant to the terms of the newly issued Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016, each Cayman Reporting Financial Institution is required to make a NIL return to the DITC where the institution does not maintain any Reportable Accounts.

More Legislation Expected

The Cayman Islands Tax Information Authority (“TIA”) is due to issue revised CRS Guidance Notes and an AEOI Portal User Guide shortly. The CRS AEOI Portal and CRS return submission functionality is anticipated to be operational around mid to late April 2017.

UK CDOT

Cayman Reporting Financial Institutions are reminded that for 2017 they will satisfy their UK CDOT obligations by applying the CRS reporting procedures.

No Change to FATCA Reporting

Existing notifications and reporting obligations and deadlines regarding US FATCA remain unchanged and are not impacted by the above changes.

Please contact your usual Conyers Dill & Pearman contact if you have any questions.

 

To continue reading full articles in PDF format:
Common Reporting Standard Update for the Cayman Islands

 


Craig T. Fulton
Partner

CAYMAN ISLANDS   +1 345 814 7372


Kevin C. Butler
Partner, Head of Cayman Islands Office and Corporate Practice

CAYMAN ISLANDS   +1 345 814 7374