On 20 February, the Department for International Tax Cooperation announced that the Cayman Islands Cabinet has approved amendments (with immediate effect) to the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2020 and the Tax Information Authority (International Tax Compliance) (United States of America) (Amendment) Regulations, 2020.
The two primary changes:
- the annual reporting deadline for both FATCA and CRS is now 31 July
- it is no longer a requirement for the Principal Point of Contact and Authorising Person to be a natural person
The 2019 reporting period has been extended to18 September 2020 due to the portal being revamped in anticipation of the Economic Substance reporting.
For more information, see our detailed legal updatehere.