The Cayman Department for International Tax Cooperation has reminded financial institutions that the deadline to register online and submit automatic exchange of information reports is July 31, 2017.
The registration and reporting obligations arise under the OECD Common Reporting Standard and the US Foreign Account Tax Compliance Act, which oblige the territory to automatically exchange financial account information with other territories to support efforts against fiscal crime.
Cayman Islands’ financial institution are required to register even if they have no reporting obligation – that is, no reportable accounts.
The Department says it is expecting high levels of online traffic ahead of the registration and reporting deadline, and has urged financial institutions to register and report as soon as possible.
Guidelines on how submit returns, and further information on reporting, are available on the Department’s website.
News source: Low Tax