Cayman Islands Country-By-Country Update

Further to our Alert issued in January 2018 the Tax Information Authority of the Cayman Islands ("TIA") has now issued Guidance in respect of the Country-by-Country Reporting requirements ("CbCR").¹

CbCR requires every entity that is "resident in the Islands"² to determine whether or not it is a constituent entity ("CE") of a multinational enterprise ("MNE") and to notify the TIA of the name and jurisdiction of the MNE group's ("MNE Group" )³ reporting entity ("Reporting Entity")⁴. The Reporting Entity is required to file a report ("CbC Report") if the MNE Group has a consolidated group revenue of at least US$850 million. Only one notification is required to be made by the Reporting Entity for all CEs in the same MNE Group.