The Department for International Tax Cooperation (DITC) advises industry that the Amendments to the
CRS & FATCA Regulations were approved by Cabinet on 18 February 2020 and take immediate effect:
- Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2020
- Tax Information Authority (International Tax Compliance) (United States of America) (Amendment) Regulations, 2020
Additionally, industry is advised that the updated list of 2020 CRS Reportable Jurisdictions was published in Extraordinary Gazette No.14 of 2020:
Please note the following:
- The annual reporting deadline for CRS & FATCA is changed to 31st July. However, the reporting deadline for the 2019 reporting period is extended to 18 September 2020 due to development of the new DITC Portal.
- The requirement for the Authorising Person (AP) and Principal Point of Contact (PPoC) to be an individual has been removed. A guidance note reflecting the impact of the “Institutional User” can be found on the DITC News & Updates page.
- Six jurisdictions have been added to the 2020 list of CRS reportable jurisdictions.
- Launch date of the new DITC Portal is the fourth quarter of 2020. FAQs and further information can be found on the DITC News & Updates > Press Room Page
- Any questions may be emailed to – CaymanAEOIPortal@gov.ky