Cayman Islands Revised CRS Regulations

The Cayman Islands Government has recently approved legislation (the “Second Tranche”) which amends the Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (“CRS Regulations”). The primary purpose of the Second Tranche is to ensure effective implementation of the Common Reporting Standard (“CRS”) by the Cayman Islands as an early adopter of the CRS.

Industry update

Pursuant to an industry advisory issued on 22 December 2016, the Cayman Islands Government has confirmed that the Department for International Tax Cooperation (“DITC”) will publish a revised version of the CRS Guidance Notes on the DITC website in the first quarter of 2017 to reflect the Second Tranche. Industry representatives will have the opportunity to comment on the revised CRS Guidance Notes prior to publication. The DITC will also, during the first quarter of 2017, update the Cayman AEOI Portal, to facilitate notifications and filings pursuant to the CRS, and the Cayman AEOI Portal User Guide to include the CRS. The Cayman Islands is not yet able to announce a comprehensive list of Reportable Jurisdictions for the purposes of the CRS, with timing dependent upon ongoing assessments being made by the OECD.

 

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