This page offers an overview of tax developments being reported globally by KPMG member firms in response to the Novel Coronavirus (COVID-19).
The content will be updated on a regular basis. However, due to the fast-moving pace of change, it may not always reflect the most current developments in a given jurisdiction. Please refer to the date of accuracy and refer to the relevant links, under additional information, for original source information.
Annual Fees Deferred
As of 26 March 2020, the Cayman Islands Government has deferred the obligation to pay annual fees until 30 June 2020 for corporate entities registered in the Cayman Islands. This fees deferral applies to all companies, including limited liability companies and foundation companies. Exempted liability partnerships (ELPs) will also have their annual fees and annual return filings deadline extended until 30 June 2020.
On 29 April 2020, the Department for International Tax Cooperation (DITC) of the Cayman Islands extended the CRS reporting deadline to 16 November 2020, keeping it aligned with the extended FATCA reporting deadline.
The extension comes in light of the Global Forum recognizing that jurisdictions should have the ability to extend the 2020 deadline for CRS exchanges from 30 September 2020 to 31 December 2020 as a temporary measure due to the COVID-19 outbreak.