The Tax Information Authority ("TIA")
has announced the opening of the Automatic Exchange of Information
("AEOI") portal for the purposes of
Reporting Financial Institutions
("RFIs") undertaking their
"Notification" and "Reporting" obligations to
the TIA. The Tax Information Authority (International Tax
Compliance) (United States of America) Regulations, 2014 (the
"US Regulations") and the Tax
Information Authority (International Tax Compliance) (United
Kingdom) Regulations, 2014 (the "UK
Regulations") require RFIs to conduct US and UK FATCA
style account due diligence with associated reporting requirements.
The link to notify/register via the portal can be found on the
A User Guide in relation to the AEOI portal has
also been posted on the TIA website.
In connection with our prior update on notification deadlines,
we confirm that the deadline under the US Regulations for
notification/registration with the TIA has been extended to 30
April 2015. The deadline for notification/registration under
the UK Regulations has also been changed to 30 April
In addition, we understand that the obligation for RFIs to
submit nil returns on reporting (i.e. when they had no reportable
accounts) shall be removed. RFIs will still be able to submit
nil returns voluntarily, if they wish to do so. Despite the
removal of the requirement to file nil returns on reporting, RFIs
shall still be obliged to effect notifications/registrations as
1 On the left navigation, select "Automatic Exchange
of Information (AEOI)" then "Cayman AEOI Portal Initial
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.
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This webcast focuses on the impact FATCA and CRS are having on structured finance vehicles set up in the BVI, Cayman Islands and Ireland and covers in detail the impending reporting and notification deadlines in each of these jurisdictions.
On the 9 September 2016 the MFSA issued feedback to its consultation of the 1 April 2016 in relation to intra-group loans.
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