The Cayman Islands Department for International Tax Cooperation (DITC) has advised that Cayman financial institutions (CFIs) that complete their 2018 reporting obligations under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) on or before 31 July 2019, will not be subject to compliance measures for late filing beyond the previously notified 31 May 2019 reporting date, and filing by such date will not attract adverse consequences, enforcement measures or penalties.
The DITC has encouraged CFIs to submit their 2018 FATCA and CRS returns (and any outstanding reporting from 2014 – 2017) as soon as practicable as AEOI portal access may be affected by the typical increased activity in the final weeks before the 31 July deadline.
The DITC has also issued a revised AEOI Portal User Guide. Further information may be obtained from the News and Update page on the DITC website and the AEOI portal may be accessed here.
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