Important CRS updates for Cayman Islands entities
A reminder that all CRS and FATCA reporting for the 2019 period must be submitted by Cayman Islands Financial Institutions by 16 December 2020. The reporting must be done through the DITC Portal.
The CRS Compliance Form must be submitted by 31 March 2021.
Closing of CRS reporting functionality on 17 Dec 2020 & introduction of version 2.0 of the CRS Schema
The Cayman Islands Department for International Tax Cooperation (DITC) is implementing version 2.0 of the OECD CRS XML Schema.
To enable the transition to version 2.0 the CRS reporting functionality on the DITC Portal will be closed between 17 December 2020 and March 2021.
Accordingly, any reporting to be made after 16 December 2020 must be made using version 2.0 of the OECD CRS XML Schema. Cayman Islands Financial Institutions should bear this in mind if there is a possibility that they will miss the 16 December 2020 CRS reporting deadline.
While the CRS reporting functionality is disabled, it will still be possible to perform the following activities on the DITC Portal:
- Submission of the CRS Compliance Form
- Submission of FATCA reporting
- Registration of new FIs
- Completion of Authorised Person, Principal Point of Contact and Secondary User updates
Further details and the DITC news release can be found here.
Please contact your usual Harneys representative if you would like further information on this topic or go to www.harneys.com/Cayman.