The Cayman Islands Department for International Tax Cooperation (the "DITC") has issued an Industry Advisory to update the relevant dates for reporting under the Foreign Account Tax Compliance Act ("FATCA") and the Common Reporting Standard ("CRS").
The statutory reporting deadline for CRS and FATCA remains 31 May 2018. However, completion of 2017 CRS and FATCA reporting on or before 31 July 2018 will not result in compliance measures being taken by the DITC for late filing and will not attract adverse consequences, enforcement measures or penalties.
Reports submitted after 31 July 2018 will be noted and may be subject to compliance reviews by the DITC.
The Cayman AEOI Portal will be taken offline on Friday 1 June 2018 at 12 noon Cayman Islands time. The DITC intends to reopen the AEOI Portal on 15 June 2018 and keep it open until 31 August 2018.
The DITC would like to remind all Cayman Financial Institutions that they must file a CRS Filing Declaration even if they have no Reportable Accounts.
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