The Cayman Islands Tax Information Authority ("TIA") announced a soft opening for the first year of the Common Reporting Standard ("CRS"). Click here to download the original Industry Advisory.
The AEOI Portal, which is currently offline, is expected to be available again to users by mid to late March 2017 and the CRS Return submission functionality is anticipated to be available around mid to late April 2017. Therefore, the TIA has provided the following extension to give Cayman Financial Institutions ample time to undertake their notification and reporting obligations under the CRS for the first year:
- CRS Notifications: Registrations will be accepted up to 30 June 2017 (original deadline 30 April 2017)
- CRS Reporting: The reporting deadline has been extended to 31 July 2017 from 31 May 2017
Please note that this extension only applies to CRS. The U.S. FATCA notification (30 April 2017) and reporting (31 May 2017) deadlines will not be extended and remain unchanged.
Important to remember - the following provisions have been introduced by the latest Cayman Islands CRS Regulations in December:
- Reporting Financial Institution must establish, implement and comply with written policies and procedures to comply with the CRS Regulations
- Nil reports are mandatory for CRS
Penalties have increased to up to KYD 50,000
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.
