The Cayman Islands' commitment to international transparency
standards has been reinforced by its adoption of amended Common
Reporting Standards regulations in December 2016 to ensure
effective implementation of the OECD's Common Reporting
Standards in the Cayman Islands.
Why have the Common Reporting Standards regulations been
amended?
The Tax Information Authority (International Tax Compliance)
(Common Reporting Standard) (Amendment) Regulations, 2016 (the
Regulations) amend the original 2015
CRS1 regulations through which the Cayman Islands
became one of the early adopters of the OECD's Common Reporting
Standards (CRS). As we noted in our
earlier client alerts on Preparing for the CRS and Cayman Islands Financial Account
Reporting for Investment Funds, 2016 is the first
reporting year for CRS for Cayman financial institutions, with
certain information due to be submitted to the Department of
International Tax Co-operation (DITC) on
or before 31 May 2017, for
