An update was released recently by the Cayman Islands Department
of International Tax Cooperation in relation to the status of the
Cayman Automated Exchange of Information Portal
(Portal) and the requirement for Cayman
Islands Financial Institutions to register with the Cayman Islands
Tax Information Authority.
Cayman Islands Financial Institutions will generally be required to
register with the Cayman Islands Tax Information Authority, however
the deadline for registration has been postponed from March 31,
2015 until April 30, 2015.
It is expected that the Portal will be operational during March and
Financial Institutions now have under April 30, 2015 to register
their status via the Portal. The first reporting deadline is May
31, 2015 and Financial Institutions should take steps to work to
these deadlines.
It is understood that the reporting format will be 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.
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.