News & Insights

FATCA & CRS Update Q2 2018

The Department for International Tax Cooperation wishes has advised Industry that the statutory reporting deadline for CRS and US FATCA remains 31 May 2018.

It is intended that the AEOI Portal will remain open until 31 August 2018 to permit Cayman Financial Institutions additional time to fulfil their reporting obligations.

Completion of 2017 CRS and US FATCA reporting obligations on or before 31 July 2018 will not result in compliance measures being taken for late filing and will not therefore attract adverse consequences, enforcement measures or penalties. Reporting submitted thereafter will be noted and may be subject to compliance reviews by the DITC.

It is anticipated the AEOI Portal will go offline on 31 August 2018 for the preparation of data transmission to the Competent Authorities of relevant treaty partners.

This publication is for general guidance and is not intended to be a substitute for specific legal advice. Specialist advice should be sought about specific circumstances.