The Department for International Tax Cooperation (DITC) of the Cayman Islands Government recently issued an industry advisory concerning the operation of the Cayman AEOI Portal.

The portal was taken offline on 1 June 2018 following the statutory deadline of 31 May 2018 for reporting by Cayman Financial Institutions under CRS and US FATCA. The portal is expected to reopen on 15 June 2018 until 31 August 2018 to permit Cayman Financial institutions additional time to fulfil their reporting obligations. The DITC has stated that completion of 2017 CRS and US FATCA reporting obligations on or before 31 July 2018 would not attract compliance measures for late filing, enforcement measures or penalties. However, reports submitted after this date may be subject to compliance reviews.

For further information, please contact Paul Hale or Anvit Jain.