Pursuant to an industry advisory (the "Advisory") dated 22 June 2017, the Department for International Tax Cooperation ("DITC") has made further announcements with respect to Automatic Exchange of Information of application to Cayman Islands Financial Institutions ("Cayman FIs").
Key points to note are as follows:
(a) The notification deadline for US FATCA and CRS with respect to the calendar year 2016 has been extended to 31 July 2017. This is the same date as the current reporting deadline which has not been further extended.
(b) The DITC has also published revised forms of self-certification. Of particular note is the inclusion of fields which may be used by widely held trust type collective investment vehicles and pension trusts in CRS non-participating countries.
Links to the self-certification forms are available on our FATCA and CRS microsite.
(c) Further guidance will be issued by the DITC in due course on how Cayman FIs must deal with IRS Error Notifications in respect of 2014 and 2015 US FATCA returns. Until such guidance is issued the DITC states that Cayman FIs must not address such IRS notifications.
In addition the Advisory explains that the DITC Portal is temporarily offline while the CRS reporting functionality is installed and that minor amendments have been made to the list of Reportable Jurisdictions. The DITC encourages Cayman FIs to check its website regularly for updates.