On 25 August 2015, the Cayman Department for International Tax Cooperation (“DITC”) notified AEOI portal users (Link) that it is in the final stages of preparing the US FATCA data to be provided to the IRS. Accordingly, it intends to close the Cayman AEOI Portal after 17:00EST on 28 August 2015. It further instructed that all return entries that are not completed and have the status of “No Data”, “Ready to Submit” or “In Draft” should be reviewed, finalized and submitted, or they should be removed from the AEOI Portal. DITC noted that it has taken a “soft approach to enforcement of 2014 US FATCA data reported this year but cannot guarantee that late submissions will be accepted beyond 5:00pm (EST) on 28th August 2015”.
For those returns which have been submitted and accepted but which need to be amended, DITC recommends using the “Amended Data” Return entry and following the below steps as guidance (either option A or B):
- Login to the AEOI Portal with your credentials and select the Financial Institution you wish to enter further information for.
- Navigate to “Manage Returns”, select “Create Return”.
- Enter a Return Name, select the Return type that you wish to complete and enter the period end date.
A. If the Return type selected is “US FATCA XML Upload”, please refer to the FATCA XML v1.1 User Guide, http://www.irs.gov/pub/irs-utl/Pub5124UserGuide.pdf .
B. If the Return type selected is “US FATCA Manual Entry”, please complete the mandatory fields with the red asterisk (*) and input the correct information in their respective fields that was incorrectly entered.
Finally, the DITC confirmed the nil returns are not mandatory.