As noted in an earlier update, the deadline for the registration
of Cayman Islands Financial Institutions with the Cayman Islands
Tax Information Authority
was recently extended to 30 April 2015. In anticipation of the
upcoming go-live date of the Cayman Islands Automatic Exchange of
Information Portal (Portal), the Cayman Islands
Tax Information Authority has now issued guidance notes relating to
the operation of the Portal. These can be downloaded here.
The reporting format is consistent with the schemas currently
published by the US Internal Revenue Service for US FATCA and those
published by the OECD for the Common Reporting Standard. All Cayman
Islands Financial Institution must take steps to register with the
Cayman Islands Tax Information Authority by 30 April 2015 and must
take steps to provide the required reporting information by 31 May
2015 using the Portal.
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.