August 14, 2020

Cayman Islands AEOI Portal for CRS Notification and FATCA Reporting Is Open: Several Deadlines Have Been Extended

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By Harold Adrion From Eisner Amper

The Cayman Islands Department for International Tax Cooperation has opened its Automatic Exchange of Information Portal (AEOI Portal) for notifications for the Common Reporting Standard () and reporting. It has also released a revised user guide.

All Cayman Islands Financial Institutions with CRS reporting obligations are required to provide to the Cayman Islands Tax Information Exchange Authority () an “information notice” containing certain prescribed details by June 30, 2017. Cayman Financial Institutions required to report in 2017 must do so by July 31, 2017.

Notification and Reporting Due Dates

On March 3, 2017, the Department for International Tax Cooperation announced a delayed enforcement for notification and reporting obligation due dates under the CRS. For what is required to be reported, please see below.

2017 Notifications: The Cayman Islands TIA will accept notifications up to June 30, 2017 (previously April 30, 2017).
2017 Reporting Obligations for 2016 Reporting Year: The Cayman Islands TIA will not issue penalties to Cayman Reporting Financial Institutions that have submitted reports showing an “Accepted” status in the page of the Cayman Islands AEOI portal by July 31, 2017 (previously May 31, 2017).
On April 13, 2017 the Department for International Tax Cooperation announced a delay and alignment of FATCA with the CRS reporting deadlines.

The FATCA notification deadline is now June 30, 2017.
The FATCA reporting deadline is now July 31, 2017.
The CRS Regulations require all Cayman Islands Financial Institutions to submit to the TIA an “information notice” stating:

The institution’s name and any number given to it by the TIA as a Financial Institution;
Whether the institution is a Cayman Reporting Financial Institution or Non-Reporting Financial Institution;
If the institution is a Cayman Reporting Financial Institution, the type of financial institution;
If the institution is a Non-Reporting Financial Institution, its classification under CRS;
The full contact details of the individual that the institution has authorized to serve as the principal point of contact for the TIA; and
The full contact details of the individual that the institution has authorized to give change notices for its principal point of contact in respect of the information stated in the information notice.

SOURCE: http://www.eisneramper.com/cayman-fatca-notification-ai-blog-0617/

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