CRS Notification And Reporting Deadlines Extended

On 3 March 2017 the Cayman Islands Department for International Tax Cooperation (DITC) announced that the 2017 deadlines for notification and reporting obligations under the Common Reporting Standard regulations¹ will be extended by two months. Cayman Financial Institutions (as defined in the CRS Regulations) will now have until 30 June 2017 to register with the Cayman Islands Tax Information Authority (TIA) on the Cayman Automatic Exchange of Information online portal (here) without the TIA considering compliance measures or penalties. Reporting obligations for Cayman Reporting Financial Institutions (as defined in the CRS Regulations) for accounts opened since 1 January 2016 will also now have to be complied with by 31 July 2017, with the reports submitted and showing the status "Accepted" on the Cayman AEOI portal by that date.