Cayman Islands updates AEOI User Guide

On 9 April 2019, the Cayman Islands Department for International Tax Cooperation (“DITC”) released an updated version of the Automatic Exchange of Information (“AEOI”) News & Updates circular: “AEOI News & Updates” to reflect the recent changes regarding the AEOI (Link).

The following sections have been updated:

  • AEOI Portal Accessibility
  • Foreign Account Tax Compliance Act (“FATCA”) IRS Error Notifications
  • Common Reporting Standard (“CRS”) Status Messages (errors)
  • CbCR Guidance

The following sections have been added:

  • AEOI Portal User Guide
  • Frequently Asked Questions

The list of CRS reportable jurisdictions remains unchanged for this year.

DITC announced that the submissions for the 2018-filing year completed on or before 31 July 2019, i.e. two months after the statutory 31 May deadline “will not result in compliance measures being taken for late filing and will not therefore attract adverse consequences, enforcement measures or penalties”. DITC recommends that Financial Institutions submit their 2018 CRS and US FATCA returns (and any outstanding reporting from years 2014 – 2017) as soon as practicable because access may be affected due to increased activity in the final weeks before the deadline.

In addition, also on 9 April 2019, the Cayman Islands Automatic Exchange of Information Portal User Guide was updated (Link). The updates include:

  • A new validation rule for reports in the case of Pre-Existing Specified US Person (Entity) and Substantial Owner type Organisation, where the RFI has been unable to obtain the U.S. TIN (page 27)
  • Examples of common errors included and required actions clarified (page 52)
  • Guidance on how to download a CRS Status Message (page 83)

Further information on the latest AEOI developments can be found on the Cayman Islands AEOI website (Link).

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