The Department for International Tax Cooperation (DITC) of the Cayman Islands announced that the automatic exchange of information (AEOI) portal is currently open and is available for common reporting standard (CRS) and FATCA notification and reporting submissions until 29 November 2019, at which point the portal will be offline until early 2020 due to maintenance.
Additionally, the DITC reminded users to refer to U.S. Internal Revenue Service (IRS) Notice 2017-46 with respect to missing taxpayer identification numbers (TINs) for pre-existing account holders. In cases where the TIN has not been obtained and the financial institution meets the conditions outlined in the notice, users are advised to use “9 As” instead of the missing TIN.
The DITC further notes that the IRS does not issue errors for accounts that use “9 As” in the TIN element when the account holder is a passive non-financial foreign entity (NFFE) and when the substantial owner TIN has been provided.
Read an October 2019 report [PDF 57 KB] prepared by the KPMG member firm in the Cayman Islands
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.