The Cayman Islands Department of International Tax Compliance (“DITC”) released a new CRS Compliance Form on 15 April 2020 , as part of the overall compliance with the Common Reporting Standard (“CRS”). This CRS Compliance Form is an integral part of the assessment by the Global Forum’s AEOI Peer Reviews that are currently conducted and will result in a rating of CRS implementation effectiveness, to be published in 2021.
Data collection, analysis and assessment and compliance functions will be an important factor in the Global Forum’s AEOI Peer Reviews. The implementation of the CRS Compliance Form should ensure that these factors are addressed, in order that the Cayman Islands can demonstrate the effective implementation of CRS.
The CRS Compliance Form requires Cayman Islands Reporting Financial Institutions to collect additional information for the following sections and submit the form via the DITC Portal which will be available in June 2020:
The deadline for the submission of this form is expected to be 15 September each year. In order to provide sufficient time to collect the additional information and complete the form, the deadline for the 2019 reporting period will be 31 December 2020. The DITC will apply automatic penalties where this deadline is not met.
FATCA REPORTING DEADLINE EXTENSION
Following the recent announcement by the IRS to extend the exchange of information deadline for Model 1 jurisdictions for the 2019 reporting, the DITC is extending the FATCA deadline to 16 November 2020.
Please note that the CRS deadline will not be changed and will remain
18 September 2020.