Cayman Issues User Guide To Automatic Exchange Of Information Portal

As noted in an earlier update, the deadline for the registration of Cayman Islands Financial Institutions with the Cayman Islands Tax Information Authority was recently extended to 30 April 2015. In anticipation of the upcoming go-live date of the Cayman Islands Automatic Exchange of Information Portal (Portal), the Cayman Islands Tax Information Authority has now issued guidance notes relating to the operation of the Portal. These can be downloaded here.

The reporting format is consistent with the schemas currently published by the US Internal Revenue Service for US FATCA and those published by the OECD for the Common Reporting Standard. All Cayman Islands Financial Institution must take steps to register with the Cayman Islands Tax Information Authority by 30 April 2015 and must take steps to provide the required reporting information by 31 May 2015 using the Portal.