Cayman Extends CRS to Match FATCA Extension
The Cayman Islands previously extended the deadline for Y2019 FATCA reporting to November 16, 2020. Cayman Islands Department for International Tax Cooperation (DITC) has now also extended the deadline for Y2019 CRS reporting to November 16, 2020.
The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) recognized tax authorities and Financial Institutions (FIs) will have difficulty meeting their respective 2020 CRS deadlines due to COVID-19. Accordingly, the Participating Jurisdictions have agreed that jurisdictions should have the option to extend their government to government exchange deadline from September 30, 2020 to December 31, 2020.
Cayman Islands Portal
Despite the extensions, Cayman Islands FIs may submit their data as soon as the new Cayman Islands portal opens. The DITC expects to launch its new portal in June 2020. [See my previous posts: FATCA & CRS: Cayman Deadline Extended to September 18, 2020 and FATCA/CRS: Caymans Announces New Portal under Development].
More CRS Extensions
It is highly likely we will see additional jurisdictions announcing extensions to their CRS reporting deadlines. However, you should not assume all jurisdictions will do so. Accordingly, it is important to continue your preparation with the goal of filing sooner rather than later. Once quarantines are lifted, it will not be business as usual for some time within organizations.