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Update On FATCA And CRS: What now?

Update On FATCA And CRS: What now?

Posted by: Paul
Category: FATCA_CRS

The Cayman Islands Department for International Tax Cooperation (DITC) recently issued the following amendments to the FATCA and CRS Regulations:

The annual reporting deadline for CRS and FATCA has changed to 31 July 2020. The DITC is currently developing a new portal for all registrations, notifications and reporting purposes which will be available from June 2020.  All functionality (i.e. notifications and reporting) will be available at that time and as a result of these changes and the implementation of the new DITC Portal, the deadline for the 2019 FATCA and CRS reporting will now be 18 September 2020.

The amendment removes the requirement for the Authorising Person and Principal Point of Contact to be individuals or natural persons and permits an entity to act in either capacity. However, the amended Regulations require the Authorising Person and Principal Point of Contact to be two different persons, except in circumstances specified by the Authority.

The DITC has also updated the list of CRS Reportable Jurisdictions which include the follow six countries for reports due in 2020 onwards:

  1. Ecuador.
  2. Kazakhstan.
  3. Maldives.
  4. Nigeria.
  5. Oman.
  6. Peru

If you’d like assistance with these revised requirements, or simply are sure what’s required, then we’d be please to assist.

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