The Cayman Islands (‘Cayman’) Department for International Tax Cooperation (‘DITC’) has updated its AEOI Portal updates and Industry Advisories (‘AEOI Update’) page to remind users of the Cayman Automatic Exchange of Information (‘AEOI’) Portal (‘Portal’) and Country by Country Reporting (‘CbCR’) Portal (‘CbCR Portal’) that they are both open and to update on dates by which Cayman Financial Institutions (‘CFIs’) need to comply with their reporting and notification obligations. The Updates only appear on the AEOI Update page which users should check on a regular basis.
Is the AEOI Portal open?
The Portal is online and will remain open until Friday, 31 August 2018. This will allow CFIs additional time to fulfil their reporting obligations.
What are the reporting deadlines for 2018?
As has previously been advised by the DITC, even though the Cayman statutory reporting deadline for the Common Reporting Standard (‘CRS’) and US Foreign Account Tax Compliance Act (‘FATCA’) was 31 May 2018 those CFIs which complete their 2017 CRS and FATCA reporting obligations on or before Tuesday, 31 July 2018 will not be subject to compliance measures for late filing and will not attract adverse consequences, enforcement measures or penalties.
What if you miss the 31 July 2018 deadline?
The DITC will note any reporting submitted after the 31 July 2018 and may subject the reporting to compliance reviews. The DITC reminds those CFIs which have CRS reporting obligations but which have no Reportable Accounts that they will not be regarded as having completed their reporting obligations until they successfully submit a CRS Filing Declaration for the relevant reporting period.
What happens after that?
The Portal is expected to go offline on 31 August 2018 to prepare for the transmission of data to the Competent Authorities of such of Cayman’s treaty partners as is required in each case.
Is the CbCR Portal open?
The Cayman Islands CbCR Portal is open for CFIs to comply with their Notification obligations. The Reporting functions are also working and so CFIs can also comply with their Reporting obligations using the CbCR Portal.
What is the 2018 CbCR deadline?
The deadline is 30 September 2018 for those Constituent Entities whose Reporting Entities are not resident in Cayman to make their CbCR Notification for those Multinational Enterprise (‘MNE’) Groups which have a fiscal year starting after 1 January 2016 and ending on or before 30 September 2018. (For more information see Cayman Country by Country Reporting Portal: Launch and revised guidance and documents and our earlier pieces: Country-by-Country Reporting Portal launch: grace periods and early advice; Application Of The Cayman Islands Country-By-Country Reporting Regulations To Insurance And Captive Insurance Companies and Cayman country-by-country reporting by 31 March 2018 for Multinational Enterprise Groups.)
We at Solomon Harris have been monitoring and covering the introduction of international AEOI regulations, including FATCA and the CRS and keeping a close eye on updates to the Cayman AEOI Portal. If you would like advice or assistance on any FATCA, CRS or other regulatory matters contact us on firstname.lastname@example.org to see how we can help.
The information contained in this article is necessarily brief and general in nature and does not constitute legal advice. Appropriate legal or other professional advice should be sought for any specific matter.