Pursuant to an industry advisory (the "Advisory") dated 19 July 2017, the Department for International Tax Cooperation ("DITC") has announced a final extension of the 2017 Reporting Deadline for FATCA and CRS to 31 August 2017. The Advisory also emphasises that all Cayman Financial Institutions ("CFIs") must either register or vary their existing registration (as the case may be) by 31 July 2017, even if they have no reporting obligations.
The Advisory further notes that there are high levels of traffic on the Portal and it is therefore highly advisable for CFIs to perform their obligations with urgency to ensure compliance with Cayman Islands law. Significantly, the Portal will be taken offline at 4:00pm on 31 August 2017 so that the DITC can prepare for transmission of CRS Returns to the OECD Common Transmission System by 30 September 2017.
The DITC has recommended that their website be reviewed weekly to check for AEOI updates.
British Virgin Islands
Further to the Government of the British Virgin Islands' ("BVI") recent announcement that the BVI Financial Account Reporting System ("BVIFARS") can now accommodate reporting under CRS, the BVI International Tax Authority has recently announced that the deadline for submitting enrolment applications to BVIFARS for CRS has been extended from 30 June 2017 to 31 July 2017 and the deadline for the submission of CRS reports has been extended from 31 July 2017 to 18 August 2017.
Further information about the AEOI regimes can be found on our dedicated FATCA and CRS webpage.