Cayman Islands CRS Notification & Reporting Deadline Extended

March 9, 2017

The Cayman Department for International Tax Cooperation (DITC) issued an industry advisory extending the dates for Common Reporting Standard (CRS) notification and reporting.


The deadline for notification has been extended from April 30, 2017 to June 30, 2017.


The deadline for reporting has been extended from May 31, 2017 to July 31, 2017.


Reporting Financial Institutions (FIs) must submit their CRS data and show the status “Accepted” within the Submission History page of the Cayman Automatic Exchange of Information (AEOI) Portal by July 31, 2017.


The Cayman Tax Information Authority (TIA) expects to issue revised CRS Guidance Notes during March. The TIA also announced it will issue a revised AEOI Portal User Guide but did not provide an estimated issuance date.


The advisory provided a reminder that CDOT notification and reporting obligations for Y2016 forward have been folded into CRS.  [See my October 31, 2016 blog: The CRS CDOT Due Diligence Combo  http://bit.ly/2nalds1].


DITC did NOT change the FATCA notification and reporting deadlines.  Thus, registration in the Cayman Automatic Exchange of Information (AEOI) portal must be completed by April 30, 2017 and reporting must be completed by May 31, 2017.


For further guidance on this topic or your overall FATCA/CRS obligations, contact me at elizabeth@elizabethmcmorrowlaw.com

 


 

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