It's Time To Prepare For The Common Reporting Standards

Another round of International Tax Compliance Required under the OECD's Common Reporting Standard

The Cayman Islands Department of International Tax Compliance (DITC) has notified Cayman financial institutions of its intention to move forward with implementing the OECD's Common Reporting Standard (CRS), with the introduction of local regulations by October 2015.

The Cayman Islands is among 50 "early adopters" of the CRS that will begin the automatic exchange of tax information starting in 2017. Eleven other countries will start tax information exchange in 2018.

Under the CRS, as of September 2017, tax authorities in over 50 jurisdictions - in addition to the U.S. and U.K. - will be entitled to information on accounts that individuals or entities hold in a Reportable Jurisdiction, under the tax laws of that jurisdiction.