Topic: Foreign Account Tax Compliance Act
Tax information exchange updates
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.
US rakes in $10 billion from offshore tax disclosure programs
The U.S. Internal Revenue Service has once again reminded U.S. taxpayers with undisclosed offshore accounts to use existing disclosure programs to come into full compliance with their federal tax obligations.
Automatic tax information exchange raises human rights issues
The automatic transfer of tax information by the government to more than 100 countries and tax authorities scheduled to begin in 2017 may infringe on privacy rights and face other human rights challenges under the Cayman Islands Bill of Rights.
