Cayman Islands Releases CRS Guidance and Extends FATCA Deadline

Sovos
April 19, 2017

Recently, the Cayman Islands published its version 2.0 for CRS Guidance. The Guidance is a very important document for CRS reporting as it contains important information for due diligence and reporting requirements. In particular, Cayman will require Reporting FIs to send separate reports for each of its jurisdictions where it maintains reportable accounts. Moreover, it is not possible to send xml nil reports. Instead, FIs must select a check box in the AEOI portal.

In addition to the Guidance, Cayman also released an Industry Notice that contains important updates to FATCA, CDOT, and CRS reporting this year. FIs should take note that the FATCA deadline has been extended from May 31 to July 31. This brings it line with the CRS deadline. Also, Cayman expects to release a new Portal User Guide sometime this month or early May. As a reminder, FIs must register for FATCA and CRS reporting by June 30.

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Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction controls, tax reporting and more. Sovos customers include half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe, and is owned by Hg and TA Associates.
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