Cayman Gears Up For Common Reporting Standard

It's time for another round of international tax cooperation in the Cayman Islands, and now government leaders are turning their attention to what comes next, implementing the OECD's Common Reporting Standard (CRS). The Cayman Islands Department for International Tax Compliance (DITC) has noticed local financial institutions of the next step and said the regulations to bring the CRS into force will be take place later this year.

More than 90 jurisdictions around the world have committed to the implementation of the common reporting standard to agreed timetables. Under the CRS, tax authorities in over 50 jurisdictions will be entitled to information on accounts that individuals or entities hold in a Reportable Jurisdiction, under the tax laws of that jurisdiction. At this time, Cayman has signed on as "early adopters" and is committed to undertaking the first AEOI exchanges under the CRS by 2017.