The Department for International Tax Cooperation (DITC) of the Cayman Islands issued updated common reporting standard (CRS) guidance in an effort to assist financial institutions in complying with their CRS obligations.
The updates to the CRS guidance address, among other items, key dates and annual deadlines related to CRS compliance form submission (15 September) and CRS reporting annual deadline (31 July); information about the DITC portal; and guidance about misclassification of an entity and residence/citizenship by investment schemes.
Additionally, an updated user guide provides technical assistance for new features in the DITC portal for FATCA and CRS reporting.
Read a November 2020 report [PDF 73 KB] prepared by the KPMG member firm in the Cayman Islands
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