Topic: FATCA

The Cayman Islands Department for International Tax Cooperation has updated the relevant dates for reporting under the Foreign Account Tax Compliance Act and the Common Reporting Standard.

U.S. senators on Friday rejected an amendment to tax-reform legislation that would have repealed the Foreign Accounts Tax Compliance Act, dashing immediate hopes for a repeal of the controversial 2010 law.

CUC closed a first US$40 million tranche of a US$60 million private placement. The $40 million senior unsecured note pays 3.9 percent and comes due Nov. 25, 2031. It will be followed by a second tranche of a $20 million, 4.64 percent senior unsecured note, scheduled to close in May. The second note comes due Nov. 25, 2048.

The leading advocate for repeal of the U.S. Foreign Accounts Tax Compliance Act has called “laughable” any attempt to sanction Washington – should it rescind FATCA – for noncompliance with copycat European tax laws.

The Caribbean Community is looking at spending nearly quarter of a million dollars on a Washington-based consultant to lobby the Trump administration about the Foreign Accounts Tax Compliance Act.

The pressure to please – if not appease – our foreign masters may well be eroding the very foundation upon which the Cayman Islands economy has been erected, namely legitimate privacy and confidentiality expectations when it comes to managing the affairs of our investors and depositors.

Washington’s Foreign Accounts Tax Compliance Act, known as FATCA, will be assailed afresh as lawyers and lobbyists renew efforts to repeal the law as part of President Donald Trump’s tax reform.

During an appearance on the BBC this month, Cayman Finance CEO Jude Scott highlighted the Cayman Islands’ regulatory and transparency regime. “The reality is not all offshore jurisdictions are made the same," he said on the program.

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 IFC Forum, an advocacy group representing financial services and law firms in British offshore financial centers, has questioned whether the new OECD system for tax information sharing will be effective without U.S. participation.