The Department for International Tax Cooperation of Cayman Islands issued an industry advisory notice extending the reporting deadline for filing US FATCA/CRS returns to 31 August 2017.
According to the tax authority, this will be the final extension of the reporting deadline because the AEOI portal will be taken offline on 31 August 2017 in order to prepare the portal for the transmission of common reporting standard (CRS) returns to the OECD Common Transmission System by 30 September 2017.
In addition, all reporting Cayman financial institutions and trustee-documented trusts are advised to submit a CRS filing declaration, even if they have no reportable accounts.
Further, the deadline for all Cayman financial institutions to register, or vary their existing US FATCA/UK CDOT registration, for CRS on the AEOI portal, even if they have no reporting obligations is 31 July 2017.
Read a July 2017 report [PDF 63 KB] prepared by the KPMG member firm in the Cayman Islands
© 2020 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.
KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. For more detail about our structure please visit https://home.kpmg/governance.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.