21/04/20

CAYMAN ISLANDS: Jurisdiction extends FATCA filing deadline once more.

As published on internationalinvestment.net, Monday 20 April, 2020.

The government of the Cayman Islands said today it is further extending the deadline for filing under the United States' Foreign Account Tax Compliance Act (FATCA) for reports relating to 2019.

Cayman has confirmed it is pushing the filing deadline to 16 November 2020 due to the covid-19 pandemic.

According to the Cayman Department for International Tax Cooperation (DITC) there are no plans to further extend beyond this deadline, but the department said today it is "monitoring the international landscape carefully."

The Cayman Islands has already deferred reporting under the OECD's Common Reporting Standard (CRS) system to 18 September for the 2019 reporting period.

The Cayman Islands government has confirmed it is working to support the industry to meet its CRS filing obligations. The jurisdiction is midway through a peer-review assessment by the OECD Global Forum, which focuses on transparency and exchange of information for tax purposes.

Financial services companies and trustee-documented firms will also have until 31 December to file CRS compliance forms.