On June 3, 2021, the Cayman DITC published an Updates Bulletin that includes details related to the Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), and Economic Substance (ES) Reporting. In addition to minor reporting updates, the DITC stresses the importance of compliance in this area, as certain defenses previously accepted from FIs will not be allowed this year. FIs should strongly consider revisiting their FATCA and CRS classifications and
In a DITC Portal Update, the Cayman government extended the 2019 CRS Compliance Form deadline to September 15, 2021. This extension is intended to accommodate the availability of a bulk upload option in CSV format, which will be released in advance of the revised deadline. The extension also aligns the deadline for both the 2019 CRS Compliance Form and the 2020 CRS Compliance Form, both of which are now September 15, 2021. Read the full update here: https://www.ditc.ky/wp-co