Pursuant to an industry advisory (the "Advisory") dated 29 May 2018, the Department for International Tax Cooperation ("DITC") has made announcements with respect to the availability of the AEOI Portal over the coming months and with respect to a soft extension for completion of filing requirements.
Although the statutory deadline for 2018 reporting remains unchanged as 31 May, the DITC advises that completion of 2017 CRS and US FATCA reporting obligations on or before 31 July 2018 will not result in compliance measures being taken for late filing. Reports submitted thereafter will be noted and may be subject to compliance reviews by the DITC.
The Cayman AEOI Portal will be taken offline between Friday, 1 June 2018 at 12:00 noon and 15 June 2018. The DITC anticipates that the portal will then remain open until 31 August 2018, after which the DITC will prepare for transmission of CRS and FATCA Returns to the relevant counterparty competent authorities. The Advisory does not discuss whether the portal will be available again in 2018.
Further information about the AEOI regimes can be found on our dedicated FATCA and CRS webpage. Additionally, you may contact any one of the above members of our dedicated AEOI team.
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.