DMS Update On FATCA And CRS Regulations: What You Need To Know
The Cayman Islands Department for International Tax Cooperation (DITC) recently issued the following amendments to the FATCA and CRS Regulations:
The annual reporting deadline for CRS and FATCA has changed to 31 July 2020. The DITC is currently developing a new portal for all registrations, notifications and reporting purposes which will be available from June 2020. All functionality (i.e. notifications and reporting) will be available at that time and as a result of these changes and the implementation of the new DITC Portal, the deadline for the 2019 FATCA and CRS reporting will now be 18 September 2020.
The amendment removes the requirement for the Authorising Person and Principal Point of Contact to be individuals or natural persons and permits an entity to act in either capacity. However, the amended Regulations require the Authorising Person and Principal Point of Contact to be two different persons*, except in circumstances specified by the Authority
*For this purpose, a “person” is a natural or legal person or a legal arrangement, such as a trust, partnership or foundation.
The DITC has updated the list of CRS Reportable Jurisdictions which include the follow six countries for reports due in 2020 onwards:
Should you have any questions, please reach out to your usual DMS representative or contact us below: