Further to our recent update in relation to the obligation
imposed on Cayman Islands Reporting Financial Institutions
("Cayman RFIs") to notify the Tax
Information Authority (now formally referred to as the Department
of International Tax Cooperation
("DITC")) of their reporting status by
30 April 2015, through the Automatic Exchange of Information
("AEOI") portal, the DITC has recently
issued an industry advisory stating that notifications received on
or before 12 May 2015 shall not "attract any adverse
compliance consequences or enforcement measures".
Notwithstanding the foregoing extension, the DITC still encourages
Cayman RFIs to make "every effort" to conduct
their notification by 30 April 2015 through the AEOI portal.
In a manner similar to the US IRS, the DITC has also indicated
that it will "take a soft approach to enforcement in the
first year of FATCA compliance".
Importantly within the advisory, the DITC confirms that the
reporting deadline remains unaltered with Cayman RFIs being
required to submit their first return under the US IGA by 31 May
Further to our update of 9 April 2015,the International Tax
Authority ("ITA") of the BVI Ministry of
Finance has announced that the BVI Financial Account
Reporting System ("BVIFARS") is now
All Reporting BVI Financial Institutions ("BVI
RFIs") must enrol on BVIFARS by 1 June 2015 in order
to submit to the ITA the following information in respect of any US
Reportable Accounts for 2014 by 30 June 2015:
The name, address, US Tax
Identification Number ("TIN") of the
entity or individual accountholder and, where the accountholder is
a Passive NFFE that has controlling persons who are Specified US
Persons, the name, address and TIN of such persons;
The account number;
The name and identifying number of
the BVI RFI; and
The account balance or value as of
the end of 2014.
If you have not yet registered with the IRS to obtain a GIIN,
MaplesFS can assist with the registration process. MaplesFS can
also assist with the reporting process. Once enrolled on BVIFARS,
entities will be allowed to grant access to up to four users.
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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