Cayman Islands postpones CRS reporting deadline for banks
Cayman financial institutions (FIs) now have until 30 June 2017 to register for CRS reporting.
Reporting obligations for accounts opened since 1 January 2016 will also now have to be complied with by 31 July 2017.
The responsible body, the Cayman Islands Tax Information Authority (TIA), is currently consulting the industry on proposed revised CRS guidance notes. It is also planning to issue a revised user guide for its automatic exchange of information (AEOI) website portal.
Final regulations governing CRS reporting in the Cayman Islands were only issued in January this year. They unexpectedly required all FIs, not just those classified as 'reporting' institutions, to submit a CRS notification to the Cayman authorities, and to file returns for all reportable jurisdictions by 31 May 2017, even those in which there are no reportable accounts.
- The TIA also experienced problems with its AEOI portal last year, when it was used for reporting under the US Foreign Account Tax Compliance Act (FATCA) and Crown Dependencies and Overseas Territories (UK CDOT) rules – the precursors to the CRS system.
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