On March 3, 2017 the Cayman Islands government issued a notice of soft enforcement for the CRS notification and reporting deadlines. The Cayman Islands Tax Information Authority (TIA) is expected to issue revised CRS Guidance Notes later this month. The information notice provided the following extensions:
- For 2017 portal registration: Financial institutions are required to notify the TIA of their first annual report under CRS by June 30, 2017 (previously April 30, 2017).
- For the 2017 reporting obligation, regarding 2016 calendar year data: The TIA will not consider compliance measures or penalties in respect of reports that have been submitted and show the status “Accepted” with the Submission History page of the Cayman Island Automatic Exchange of Information Portal (AEOI) by July 31, 2017 (previously May 31, 2017).
This soft enforcement approach does not apply to the U.S. FATCA notification (April 30, 2017) and reporting (May 31, 2017) on the AEOI. Those deadlines remain unchanged.
To read the original notice from the Cayman Islands Government, please click here.
Fluid deadlines and multiple reporting regimes can complicate an already complex system. If you have any questions or would like to discuss your foreign reporting requirements, please contact your Arthur Bell advisor at 855-787-0001 or via email at email@example.com.