In brief: Tax information exchange reporting deadline extended

The Department for International Tax Cooperation (DITC) has advised Cayman Islands financial institutions that the notification deadline for U.S. FATCA and the Common Reporting Standard for the calendar year 2016 has been extended to 31 July 2017. This is the same date as the current reporting deadline, which has not been further extended.

The DITC has also published revised forms of self-certification. These include fields which may be used by widely held trust type collective investment vehicles and pension trusts in CRS non-participating countries.

The department will issue further guidance on how Cayman financial institutions must deal with IRS Error Notifications related to 2014 and 2015 U.S. FATCA returns. Until then, Cayman financial institutions are advised not to address these IRS notifications.

News source: Cayman Compass

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