The Cayman Islands Department for International Tax Cooperation announced that the 2017 deadlines for notification and reporting obligations under the common reporting standard regulations will be extended by two months.
The Organization for Economic Cooperation and Development has developed the standard for the automatic exchange of tax information between more than 100 participating countries.
Cayman financial institutions now have until June 30 to register with the Cayman Islands Tax Information Authority on the Cayman Automatic Exchange of Information online portal.
Cayman’s reporting financial institutions, as defined by the CRS regulations, must also comply with reporting obligations for accounts since Jan. 1, 2016, and have their submitted reports accepted by the portal by July 31, 2017.
The Tax Information Authority is currently consulting industry on proposed revised CRS guidance notes and plans to issue a revised Automatic Exchange of Information portal user guide.
The department also confirmed that Cayman’s reporting financial institutions from this year will no longer have notification or reporting obligations under inter-governmental agreements on tax information exchange concluded with the U.K. government, the so-called U.K. CDOT.
Any information that would have been reported under U.K. CDOT will now be part of the reporting in compliance with the CRS regulations.
Notification and reporting obligations under the Cayman Islands implementation of FATCA and the 2014 and 2015 reporting obligations under U.K. CDOT remain unchanged, law firm Harneys said in a client notice.