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.

The reporting deadline for CRS and FATCA remains May 31. The department announced that the late filing of 2018 CRS and FATCA reporting before July 31, 2019, will not attract enforcement measures or penalties.

Reports submitted after July 31 may be subject to compliance reviews by the DITC.

In addition, the department has published a revised version of the Automatic Exchange of Information (AEOI) Portal User Guide.

The latest issue of the DITC’s AEOI News and Updates also provides updates on FATCA IRS error notifications, CRS status messages and accessibility of the country-by-country reporting portal.

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