The Cayman Islands Department of International Tax Cooperation (DITC) has advised that it has extended the notification and reporting deadlines for both UK CDOT and US FATCA for 2016.
Notifications are now due by Friday, June 10, 2016 and returns should be submitted by Friday, July 8, 2016. There will be no adverse consequences or sanctions, once compliance is met within this time frame.
DMS Can Help
Should you need assistance with US FATCA and/or UK CDOT compliance, DMS can take the compliance responsibilities off your hands and provide a full-service solution to meet your obligations.
Our International Tax Compliance Group will:
- Classify your entities and structures to determine the FATCA and CRS obligations andanalyze the availability of reporting exemptions.
- Register and obtain Global Intermediary Identification Number ("GIIN") from the IRS and complete any other registration or notification with local authorities.
- Review governing documents and subscription documents to determine the adequacy of disclosures provisions.
- Prepare and review IRS Forms and Self-Certifications.
- Prepare and review the policies and procedures as set forth in the Regulations
- Act as Principal Point of Contact/AEOI Officer/Responsible Officer to oversee and ensure compliance with all aspects of the regulations in the respective jurisdiction.
- Review and approve third party investor classification, including relevant agreements with these third parties.
- Undertake classification and remediation of your investor base.
- Prepare and file the reports in the respective jurisdictions.
- Consult on technical and operational aspects of these international tax information regulations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.