Cayman Islands:
Updates In Respect Of Automatic Exchange Of Information ("AEOI") May 2018
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The Cayman Islands Department for International Tax Cooperation
(the "DITC") has issued an Industry Advisory to update
the relevant dates for reporting under the Foreign Account Tax
Compliance Act ("FATCA") and the Common Reporting
Standard ("CRS").
The statutory reporting deadline for CRS and FATCA remains 31
May 2018. However, completion of 2017 CRS and FATCA reporting on or
before 31 July 2018 will not result in compliance measures being
taken by the DITC for late filing and will not attract adverse
consequences, enforcement measures or penalties.
Reports submitted after 31 July 2018 will be noted and may be
subject to compliance reviews by the DITC.
The Cayman AEOI Portal will be taken offline on Friday 1 June
2018 at 12 noon Cayman Islands time. The DITC intends to reopen the
AEOI Portal on 15 June 2018 and keep it open until 31 August
2018.
The DITC would like to remind all Cayman Financial Institutions
that they must file a CRS Filing Declaration even if they have no
Reportable Accounts.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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