The Cayman Department for International Tax Cooperation has announced a soft opening for the first year of the Common Reporting Standards (CRS). This opening concerns the due dates for notifications and reporting obligations under the CRS regulations. For 2017 registrations only, registrations will be accepted until June 30, 2017, without considering compliance measures or penalties. For 2017 reporting obligations, regarding 2016 data, the Cayman Tax information Authority (TIA) will not consider compliance measures or penalties for reports that have been submitted and marked “Accepted” on the Submission History page of the Cayman AEOI portal by July 31, 2017.
It is important to note this extension applies only to CRS. This information does not affect existing notification (April 30, 2017) and reporting (May 31, 2017) obligations and deadlines under FATCA. Further, the soft opening does not apply to 2014 and 2015 reporting under FATCA. TIA will issue revised CRS Guidance Notes in the near future, however you can see the original advisory by clicking here.
Elliott Davis Decosimo is a leading provider for International Tax Compliance and can advise, as well as provide services, to ensure you are in compliance with the increased complexity of CRS and FATCA reporting. With 54 countries required to be in compliance with the CRS filings for the first time, we have been a significant resource for many of our clients. As the filing deadlines approaches this year, we encourage you to contact your Elliott Davis Decosimo Tax Advisor so we may discuss your needs further and find the right solutions to these new international challenges.
 There may be returns for which the IRS and/or TIA may require remedial action. TIA will provide ample time for completion of such action.