The Cayman government is still accepting financial institutions’ reports of their clients’ financial accounts under the Common Reporting Standard (CRS) and US Foreign Accounts Tax Compliance Act, although the official deadline passed on 31 August 2017.
Late registrations, variations, reporting and filing declarations can be filed via the Department for International Tax Cooperation (DITC)’s online portal until 4pm on 13 September 2017. The portal will then be closed so that the data received can be prepared for submission to the appropriate authorities by 30 September 2017.
Originally the DITC said the reporting website would be taken offline at 4pm on 31 August 2017. Officially, no extension is being made to the 31 August deadline, and submissions made after that remain technically in breach of the regulations. However, law firm Maples and Calder says this final week ‘may be the last opportunity for financial institutions to comply with their 2017 registration and reporting obligations’.
All Cayman financial institutions are required to register, or vary their existing registrations, even if they have no reporting obligations. All reporting institutions and trustee-documented trusts must also submit a CRS filing declaration, even if they have no reportable accounts.
News source: STEP