Cayman Islands Enforcement Guidelines: Common Reporting Standard And Economic Substance

Introduction

The Cayman Islands Tax Information Authority (TIA) issued new Enforcement Guidelines: Common Reporting Standard (CRS) and Enforcement Guidelines: Economic Substance (ES) on 31 March 2022 and revised guidelines in June 2022¹ (the Guidelines). The Guidelines set out the TIA's principles and processes for taking enforcement action through administrative penalties for non-compliance under the CRS and the ES regimes.

Core Objective. The core objective of the TIA's compliance monitoring and enforcement function under the CRS and ES regimes is to ensure complete and accurate information is collected, reported and exchanged with the relevant international competent authorities, demonstrating the Cayman Islands' commitment to the effective implementation of the regimes.