The Cayman Islands Department for International Tax Cooperation ("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 2019. However, completion of 2018 CRS and FATCA reporting on or before Wednesday 31 July 2019 will not result in compliance measures being taken by the DITC for late filing. Cayman Financial Institutions are reminded that that they must file a CRS Filing Declaration even if they have no Reportable Accounts.

Early submission is recommended to avoid unnecessary increased traffic to the AEOI Portal at the end of the deadline period.

Walkers has a dedicated global Regulatory & Risk Advisory Practice Group that can offer legal advice and guidance in connection with all aspects of AEOI. Through its affiliate, Walkers Professional Services, Walkers can handle all aspects of AEOI compliance.

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.