Cayman Islands Department for International Tax Cooperation: DITC Portal To Reopen

      The Cayman Islands Department for International Tax Cooperation (DITC) recently advised the industry that the DITC Portal will open in early November 2020. As a first step, the DITC Portal will be available only for CRS and FATCA purposes and in its Phase II, it will provide functionality for Economic Substance and Country-by-Country reporting, with the date for this yet to be confirmed.

      Please note the reporting deadlines have been extended for CRS & FATCA filings:

      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

      ARE YOU PREPARED FOR THE NEW CRS COMPLIANCE FORM?

      On 15 April, the DITC released a new CRS Compliance Form as part of the overall compliance with the Common Reporting Standard (“CRS”). This CRS Compliance Form is an integral part of the assessment by the Global Forum’s AEOI Peer Reviews that are currently conducted and will result in a rating of CRS implementation effectiveness, to be published in 2021. Data collection, analysis and assessment and compliance functions will be an important factor in the Global Forum’s AEOI Peer Reviews. The implementation of the CRS Compliance Form should ensure that these factors are addressed, in order that the Cayman Islands can demonstrate the effective implementation of CRS.

      The CRS Compliance Form requires Cayman Islands Reporting Financial Institutions to collect additional information for the following sections and submit the form via the DITC Portal.

      • Financial Institution Data Profile.
      • Financial Account Data, including information and classification of type of Non-Reportable Accounts.
      • AML/KYC and Accounting (where applicable).
      • CRS Due Diligence Process.

      The deadline for the submission of this form is expected to be 15 September each year. In order to provide sufficient time to collect the additional information and complete the form, the deadline for the 2019 reporting period will be 31 March 2021.  The DITC will apply automatic penalties where this deadline is not met.

      The DMS ITC team would welcome the opportunity to further discuss its fully customizable ITC solutions which includes the completion of the new CRS Compliance Form.

      Please reach out to your usual DMS representative or contact us below:

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