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CRS, FATCA, Economic Substance and Country by Country Reporting

The Department for International Tax Cooperation of the Cayman Islands (the “DITC”) has issued an advisory that the new online portal will open in early November for CRS and FATCA reporting.

Industry Advisory by the Department for International Tax Cooperation regarding CRS, FATCA, Economic Substance and Country by Country Reporting

The DITC has issued an advisory that the new online portal will open in early November for CRS and FATCA reporting. Economic Substance and Country-by-Country reporting functionalities will be launched in the ensuing months.

All users that had a user account in the previous portal will receive an email from donotreply@ditc.ky with steps to activate and access the new portal. In order to receive the emails, make sure that donotreply@ditc.ky isn’t blocked by spam filters.

Click on “CRS & FATCA Registration” for notifications on CRS and FATCA on the DITC Portal Registration and Login Page (DITC website). Follow the revised reporting deadlines listed below. A CRS Guidelines, DITC Portal user guide and information on differences between the AEOI Portal and the new DITC Portal will be available on the New and Updates page upon the opening of the portal.

CRS & FATCA Reporting Deadlines

CRS & FATCA reporting deadlines have been extended to the following:

New Entity Registration16 December 2020
CRS Reporting & CRS Filing Declaration16 December 2020
FATCA Reporting        16 December 2020
CRS Compliance Form31 March 2021

Economic Substance(“ES”)

The DITC site will soon publish a new model of the ES Return and advisory on reporting dates and the opening of the portal for filings.

Country-by-Country Reporting (CbCR)

The DITC site will soon publish an advisory on matters related to CbCR including when the portal will be online. When the portal opens, the 2019 reporting can be seen on the existing CbCR portal. The revised OECD Country-by-Country Reporting XML Schema 2.0 will be used. The CbCR XML Schema 2.0 and User Guide can be found here.

CbCR functionality will be added to the new DITC Portal for the 2020 reporting period and onwards.

Contact our experts for further advice

View profile for Chris HumphriesChris Humphries
Managing Director and Head of Funds
, View profile for Jonathan McLeanJonathan McLean
Partner and Head of Banking & Regulatory

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.