Regulatory Law Update - March 2017

Welcome to our first update for 2017 on legal and regulatory developments in the Cayman Islands.

COMMON REPORTING STANDARD

On 19 December 2016, the Cayman Islands Government adopted new regulations¹ amending The Tax Information Authority (International Tax Compliance)(Common Reporting Standard) Regulations, 2015 (the Amended Regulations).The Amended Regulations ensure the effective implementation of the Common Reporting Standard (CRS) in the Cayman Islands². The key changes under the Amended Regulations are discussed below. We note, however, that on 3 March 2017 the Cayman Islands Department of International Tax Co-operation (the DITC) published an Industry Advisory wherein the 2017 registration and reporting deadlines applicable to CRS were extended. Where a deadline has been extended, the updated deadline is indicated below.