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Industry Updates
Cayman AEOI Portal Availability and Soft Extension to Reporting Deadline
30 May 2018
Pursuant to an industry advisory (the "Advisory") dated 29 May 2018, the Department for International Tax Cooperation ("DITC") has made announcements with respect to the availability of the AEOI Portal over the coming months and with respect to a soft extension for completion of filing requirements.
Although the statutory deadline for 2018 reporting remains unchanged as 31 May, the DITC advises that completion of 2017 CRS and US FATCA reporting obligations on or before 31 July 2018 will not result in compliance measures being taken for late filing. Reports submitted thereafter will be noted and may be subject to compliance reviews by the DITC.
The Cayman AEOI Portal will be taken offline between Friday, 1 June 2018 at 12:00 noon and 15 June 2018. The DITC anticipates that the portal will then remain open until 31 August 2018, after which the DITC will prepare for transmission of CRS and FATCA Returns to the relevant counterparty competent authorities. The Advisory does not discuss whether the portal will be available again in 2018.
Further information about the AEOI regimes can be found on our dedicated FATCA and CRS webpage. Additionally, you may contact any one of the above members of our dedicated AEOI team.
Although the statutory deadline for 2018 reporting remains unchanged as 31 May, the DITC advises that completion of 2017 CRS and US FATCA reporting obligations on or before 31 July 2018 will not result in compliance measures being taken for late filing. Reports submitted thereafter will be noted and may be subject to compliance reviews by the DITC.
The Cayman AEOI Portal will be taken offline between Friday, 1 June 2018 at 12:00 noon and 15 June 2018. The DITC anticipates that the portal will then remain open until 31 August 2018, after which the DITC will prepare for transmission of CRS and FATCA Returns to the relevant counterparty competent authorities. The Advisory does not discuss whether the portal will be available again in 2018.
Further information about the AEOI regimes can be found on our dedicated FATCA and CRS webpage. Additionally, you may contact any one of the above members of our dedicated AEOI team.
Related Services
Corporate
Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global corporate team provides expert legal advice to corporate clients on all corporate commercial matters. Our clients include major banks, multinationals and institutional investment firms, leading law and accountancy firms and a number of state / government entities across all industry sectors.
AEOI - FATCA and CRS
Global tax information reporting initiatives, including FATCA and CRS created a complex additional compliance burden, but clients can rely on our dedicated solutions to meet all related regulatory requirements.
Finance
Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Finance team provides expert legal advice on even the most complex financial transactions under intense time pressure. Clients repeatedly return to our qualified finance lawyers to handle a variety of complex matters relating to acquisition and leveraged financing, asset finance, banking, debt capital markets, derivatives, fund finance, insurance linked products, Islamic finance, repackaging and structured finance.
Funds & Investment Management
Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Funds & Investment Management team provides expert legal advice on every aspect of the life cycle of an investment fund including set up, management and investment across a broad range of fund structures and management entities.
Related Contacts
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Richard May
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Christopher Capewell
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Tim Dawson
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Tim Frawley
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Patrick Head
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Martin Livingston
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James Turner
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Nick Harrold
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Harjit Kaur
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Heidi de Vries
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Michael Gagie
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Andrew Quinn
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