On 19 March 2015, the Cayman Islands Tax Information Authority
("TIA") launched its online portal for the automatic
exchange of tax information (the "AEOI Portal"), which
can be accessed from TIA's website (www.tia.gov.ky).
AEOI Portal User Guide
A user guide to the AEOI Portal is available on TIA's
website and is accessed by clicking on "AEOI News &
Reporting FIs to Register with TIA by 30 April 2015
Reporting Cayman Islands Financial Institutions ("Reporting
FIs") must register with TIA by 30 April 2015. The
registration portal can be accessed from TIA's website by
clicking on "Cayman AEOI Portal Initial Setup
(Notification)". To register, the Reporting FI must
provide the following information:
If the Reporting FI is required to report under UK and/or US
FATCA (in most cases, both will apply)
GIIN (the FATCA registration number provided by the IRS)
FI categorisation (eg. Investment Entity)
Principal point of contact (together with a pdf letter on the
Reporting FI's letterhead evidencing the person's
Reporting FIs to Report to TIA by 31 May 2015
Reporting FIs are required to report to TIA by 31 May 2015 on
any US Reportable Accounts for the 1 July – 31 December 2014
period. Reporting FIs are not required to report on any UK
Reportable Accounts until next year. Reports can be submitted
by uploading files in XML format or by manually entering
data. The reporting portal can be accessed from TIA's
website by clicking on "Cayman AEOI Portal Login
(Reporting)". Reporting FIs must submit the following
information on each US Reportable Account:
Tax Identification Number
Account number (or functional equivalent)
The Reporting FI's GIIN
Account balance or value (in US$ or the currency in which the
account is denominated) at 31 December 2014 or immediately prior to
closure (if closed during the 1 July – 31 December 2014
Nil Reports Not Required
Significantly, we understand that TIA is no longer requiring nil
reports to be submitted, although a Reporting FI may submit nil
reports if it wishes to do so. It may be in a Reporting
FI's interests to submit nil reports because the IRS has
indicated that non-submission of reports over several years may be
taken as an indication of non-compliance with FATCA.
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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On September 30, 2016, the VAT authorities confirmed that VAT shall apply to directors' fees.
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