The Cayman Islands Department for International Tax Cooperation
(DITC) has advised that Cayman financial
institutions (CFIs) that complete their 2018
reporting obligations under the Foreign Account Tax Compliance Act
(FATCA) and the Common Reporting Standard
(CRS) on or before 31 July 2019, will not be
subject to compliance measures for late filing beyond the
previously notified 31 May 2019 reporting date, and filing by such
date will not attract adverse consequences, enforcement measures or
penalties.
The DITC has encouraged CFIs to submit their 2018 FATCA and CRS
returns (and any outstanding reporting from 2014 – 2017) as
soon as practicable as AEOI portal access may be affected by the
typical increased activity in the final weeks before the 31 July
deadline.
