Most Read Contributor in Cayman Islands, September 2016
The next step for the Cayman Islands in relation to
international tax cooperation is the implementation later this year
of the OECD Common Reporting Standard (CRS).
The CRS standardises the global automatic exchange of
information (AEOI) for tax purposes. Financial Services Minister
Wayne Panton said the CRS will further strengthen Cayman's
already-recognised participation in the international stance to
improve tax compliance.
'The CRS is an important progression in ensuring
international tax compliance, across country borders', he
explained. 'By implementing it via the enactment of local
regulations, Cayman continues to show our full participation and
strength, as a member of the growing network of countries worldwide
that engage in international tax cooperation'.
The CRS represents the latest development in global
international tax standards. There are now more than 90
jurisdictions around the world that have committed to its
implementation, to agreed timetables. Cayman is one of more than 50
jurisdictions committed to undertaking the first AEOI exchanges
under the CRS by 2017.
As another important operational component of the CRS, in March
of this year Cayman launched its AEOI Portal. This online system
currently allows notification and reporting by financial
institutions in relation to US FATCA, which is an AEOI initiative.
The system will be modified and adapted to facilitate the automatic
exchange of tax information under the CRS with all participating
The Department of International Tax Cooperation will implement
the CRS in Cayman, in accordance with Cayman's international
treaty network, and a 2014 amendment to the Tax Information
Authority Law that enabled all forms of exchange of information for
tax purposes, including automatic exchanges.
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On September 30, 2016, the VAT authorities confirmed that VAT shall apply to directors' fees.
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