Cayman Islands: Updated CRS enforcement guidelines

The deadline for 2021 CRS reporting is 1 August 2022.

The deadline for 2021 CRS reporting is 1 August 2022.

The Department for International Tax Cooperation of the Cayman Islands issued an updated version (v1.1) of the enforcement guidelines [PDF 1.1 MB] related to the common reporting standard (CRS) framework.

The new version replaces the previous version 1.0 issued in March 2022. Read TaxNewsFlash

The updated guidelines provide that the payment of any penalty must be made by wire transfer only per the payment details provided in Annex A of the guidelines. Failure to do so will result in rejection of the payment, and the penalty will be treated as outstanding. All communication related to the payment must include the below details:

  • Compliance reference
  • Financial institution name
  • Financial institution number

The compliance reference and financial institution name/number should be included when making a payment. The financial institution must confirm the amount and the date the payment was made and include evidence such as a copy of the wire transfer confirmation for the successful completion of payment.

KPMG observation

All parties with Cayman reporting requirements must timely file and comply with the requirements. Due to 31 July falling on a Sunday, the deadline for 2021 CRS reporting is 1 August 2022.

Read a June 2022 report [PDF 163 KB] prepared by the KPMG member firm in the Cayman Islands

 

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