The Ministry of Financial Services division of the Cayman Islands government has on 29 June 2021 announced that following Cabinet approvals regulations will extend the economic substance regime to partnerships. The Ministry of Financial Services division...
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 firstname.lastname@example.org with steps to activate and access the new portal. In order to receive the emails, make sure that email@example.com 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 Registration||16 December 2020|
|CRS Reporting & CRS Filing Declaration||16 December 2020|
|FATCA Reporting||16 December 2020|
|CRS Compliance Form||31 March 2021|
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.