FAQs

General

Is the Tax Information Authority a tax administration or revenue agency?

No, the Tax Information Authority (TIA) is not a tax administration or revenue agency because the Cayman Islands does not have direct taxes. The TIA’s function is to collect information on tax matters and exchange that information with other Competent Authorities pursuant to relevant international agreements.

For information on imports/exports and tariffs, visit Cayman Islands Customs & Border Control.

For information on Tourist Accommodation Taxes (TAT), visit Cayman Islands Department of Tourism.

Is the Department for International Tax Cooperation part of the Cayman Islands Monetary Authority (“CIMA”)?

No, CIMA is the Cayman Islands financial services regulator and is also responsible for the Cayman Islands Currency Board. For more information about CIMA, please visit their website at www.cima.ky.

Can the Department for International Tax Cooperation provide a Company Tax Exemption Certificate?

No, these are issued by the Cabinet Office. Tel: (345) 244-2208 or (345) 244-2210.

Are there any boards or committees within the Department for International Tax Cooperation?

No.

CRS 

How do I submit Reporting to the TIA?

Reporting is submitted via the DITC Portal. If you are a new user, you will need to submit a Notification to register the Financial Institution.

How do I submit a Notification to the TIA?

Notifications are submitted via the DITC Portal.

Do I have to submit a Notification each year?

No, this is a one-off process.

When can I submit my Reporting?

When the DITC Portal is open you can submit reporting for all available years listed on the XML Upload page.

When can I deactivate an FI?

At this time we are not accepting deactivation requests via the DITC Portal. The deactivation functionality will be made available in Q1 of 2021.

How do I edit my Notification?

The Principal Point of Contact (PPoC) can do this via the DITC Portal.

Can I submit test returns?

Testing is not permitted within the DITC Portal.

I submitted a Notification but did not receive a confirmation.

If you are a current user, log in to the DITC Portal to determine whether you have been granted access. If not, contact the DITC at CaymanAEOIPortal@gov.ky

I have received an error from a partner jurisdiction – what do I do?

Review the error issued by the partner jurisdiction on the DITC Portal. You can also contact the DITC regarding a specific error once you are logged in.

I want to resign as a PPoC/AP but I don’t know who the new users should be – what do I do?

You should first ascertain who the new users should be by:

  1. contacting the Directors; and/or
  2. contacting the registered office.

If no response is received, email the DITC at CaymanAEOIPortal@gov.ky and include the following information:

  • your reason for resigning;
  • the steps you have taken to find the new users, and;
  • contact details for the Directors you hold

CRS Compliance Form

What is the deadline to submit the CRS Compliance Form?

The deadline to submit the CRS Compliance Form for the 2019 reporting period is 31 March 2021. Thereafter, the annual reporting deadline is 15 September.

How do I submit the CRS Compliance Form?

The CRS Compliance Form is submitted via the DITC Portal by the PPoC or a Secondary User of the FI.

Will bulk uploads of the CRS Compliance Form be allowed?

The CRS Compliance Form will initially only be available by smart form on the DITC Portal. It is expected that the bulk upload feature (in CSV format) will be added in 2021.

Can you submit account information in any currency?

Section 2 provides the option to choose any currency. The Authority recommends that the currency used to complete the CRS Compliance Form is the same as that used in the CRS Report. Where multiple currencies are used in the CRS Report, FIs should use the currency most frequently used. It is not currently anticipated that the CRS Compliance Form will accommodate multiple currencies.

Who can submit the CRS Compliance Form?

The PPoC or any Secondary Users assigned to the FI will be the only persons able to submit the CRS Compliance Form via the DITC Portal.

What is the legal basis that permits the DITC to collect this information?

The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2020 amendment of Regulation 9(1) provides the legal basis for the Authority to collect the CRS Compliance Form annually.

Do all FIs need to complete the CRS Compliance Form?

All FIs registered on the DITC Portal must complete the CRS Compliance Form annually, except investment managers and advisers that confirmed on registration that they have no Financial Accounts by virtue of Section VIII.C.1.a) of Schedule 1 to the CRS Regulations:

1. The term “Financial Account” means an account maintained by a Financial Institution, and includes a Depository Account, a Custodial Account and,
a. in the case of an Investment Entity, any equity or debt interest in the Financial Institution. Notwithstanding the foregoing, the term “Financial Account” does not include any equity or debt interest in an Entity that is an Investment Entity solely because it:
(i) renders investment advice to, and acts on behalf of, or
(ii) manages portfolios for, and acts on behalf of, a customer for the purpose of investing, managing, or administering Financial Assets deposited in the name of the customer with a financial Institution other than such Entity.

Do Trustee Documented Trusts need to complete the CRS Compliance Form?

Yes, TDT’s are required to complete the CRS Compliance Form.

Is there guidance on the CRS Compliance Form?

Refer to section 5.F. of the CRS Guidelines for guidance on the form, refer to the DITC Portal User Guide for technical assistance with submitting the Form via the Portal.

Is the reference to non-reportable accounts in section 2 a reference to activity of any account over the year or just the year end?

When completing section 2, the same rules as outlined in the CRS Regulations apply. The balance as at the end of the relevant reporting period should be reported.

How do you answer question 3.1, if the FI does not have a calendar year end?

Where the FI does not have a calendar year end, the question on audited financial statements applies to the financial year ending in the calendar year on which you are reporting (i.e. Financial Year end is July, when completing the CRS Compliance Form for 2019, the question is – have the Financial Statements for the year ending July 2019 been subject to an audit).

Are you required to report undocumented accounts in Question 4.6?

Question 4.6 does not apply to undocumented accounts.

Is the CRS Compliance Form to be submitted in addition to the CRS Return and CRS Filing Declaration?

Yes, each FI much complete the CRS Return, CRS Filing Declaration, and CRS Compliance Form on an annual basis.

Is the CRS Compliance Form required for Trusts and Private Investment Companies (PICs) classified as Investment Entity – Type B?

Yes, the CRS Compliance Form must be submitted by all FIs, including trusts and PICs.

What happens if the FI is not able to obtain the required information to complete section 2 of the CRS Compliance Form?

Section 2 of the CRS Compliance Form provides an option to confirm that the existence, number or value of Non-Reportable Accounts is unknown. Please note where this option is selected, it is likely the FI will be subject to follow up from the Authority.crs

What happens if the FI fails to submit the CRS Compliance Form by the deadline?

The FI would be in breach of Part 2 of the CRS Regulations if it fails to submit the CRS Compliance Form by the deadline and an administrative penalty will be automatically issued by the Authority.

FATCA

When can I deactivate an FI?

At this time we are not accepting deactivation requests via the DITC Portal. The deactivation functionality will be made available in Q1 of 2021.

How do I submit Reporting to the TIA?

Reporting is submitted via the DITC Portal. If you are a new user, you will need to submit a Notification to register the Financial Institution.

How do I submit a Notification to the TIA?

Notifications are submitted via the DITC Portal.

Do I have to submit a Notification each year?

No, this is a one-off process.

When can I submit my Reporting?

When the DITC Portal is open you can submit reporting for all available years listed on the XML Upload page.

How do I edit my Notification?

The Principal Point of Contact (PPoC) can do this via the DITC Portal.

Can I submit test returns?

Testing is not permitted within the DITC Portal.

I submitted a Notification but did not receive a confirmation.

If you are a current user, log in to the DITC Portal to determine whether you have been granted access. If not, contact the DITC at CaymanAEOIPortal@gov.ky

I have received an error from the IRS – what do I do?

Review the error issued by the IRS on the DITC Portal. You can also contact the DITC regarding a specific error once you are logged in.

I want to resign as a PPoC/AP but I don’t know who the new users should be – what do I do?

You should first ascertain who the new users should be by:

  1. contacting the Directors; and/or
  2. contacting the registered office.

If no response is received, email the DITC at CaymanAEOIPortal@gov.ky and include the following information:

  • your reason for resigning;
  • the steps you have taken to find the new users, and;
  • contact details for the Directors you hold

CbCR

What is a Reporting Entity?

A Reporting Entity is the MNE Groups’ reporting member, typically the Ultimate Parent Entity (UPE) or the Surrogate Parent Entity (SPE).

How do I update my Primary Contact details?

The Primary Contact should amend the Authorisation Letter, login to the DITC PortalDITC Portal and upload the Letter accordingly. The Primary Contact should also email the DITC Portal Team a copy of the Authorisation Letter advising of the change. The DITC Portal Team will review the Letter, update the DITC Portal and issue new login credentials.

Who is required to submit a CbCR Report?

A Reporting Entity (UPE or SPE) must be resident in the Islands in order to make a CbC Report for its MNE Group via the DITC Portal.

What Multinational Enterprises are in scope for CbCR?

CbCR only applies to MNE Groups with annual consolidated group revenue of not less than a specified threshold amount in the preceding fiscal year. The Cayman Islands has specified the threshold as US$850 million, but other jurisdictions may specify the threshold in Euros (€750 million). Further information can be found in the CbCR Guidance Notes.

What is the Reporting deadline for CbCR?

The deadline for Reporting in respect of any subsequent Fiscal Year is within 12 months of the end of that relevant Fiscal Year.

When can I submit my CbC Report?

When the DITC Portal is open you may submit your report.

What is the Notification deadline for CbCR?

The deadline for Notification, or to update an existing Notification in respect of any subsequent Fiscal Year, is before the end of that relevant Fiscal Year.

Do I have to submit a Notification each year?

No, this is a one-off process.

Can I submit test returns?

Testing is not permitted within the DITC Portal.

What information should be included in my CbC Report?

The CbC Report provides a breakdown of the amount of revenue, profits, taxes and other indicators of economic activities for each tax jurisdiction in which the MNE Group does business. See the CbC XML Schema – User Guide for further details.

How do I update my Notification to show the correct UPE / SPE details?

The Primary Contact should email the DITC Portal Team and provide details of the new UPE / SPE.

How do I update my Constituent Entity list?

The Primary Contact should login to the DITC Portal and upload an amended Authorisation Letter and CE CSV file.

Do you offer templates that may assist in completing my Notification and Reporting obligations?

The DITC offers a template for the Authorisation Letter and Constituent Entity CSV file. At this time the DITC does not offer a sample XML file for reporting. Users should refer to the CbC XML Schema – User Guide for guidance on creating their XML.

How do I change my password?

The Primary Contact can request to reset their password on the homepage of the DITC Portal.