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
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