FATCA notification and reporting due dates extended

The Cayman Islands government has extended the soft enforcement due dates for notification and reporting under the U.S. Foreign Account Compliance Act and its U.K. equivalent to Friday, Sept. 2.

The Department for International Tax Cooperation in the Ministry of Financial Services issued a notice on Aug. 5 stating that notifications and returns submitted on or before Sept. 2 will not attract any adverse compliance consequences or enforcement measures.

The extension gives financial institutions additional time to undertake their reporting obligations under U.S. FATCA and U.K. CDOT, after users experienced issues with the department’s IT portal used to exchange U.S. and U.K. taxpayers’ information.

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