Today Wednesday August 10, 2016 is the deadline for Cayman Islands financial institutions to complete their notification and reporting of American Clients' accounts to the Cayman Tax Information Authority, under the US Foreign Account Tax Compliance Act (FATCA).
Cayman Reporting Financial Institutions are reminded that their obligations under FATCA will include:
- Registration with the United States IRS to obtain a Global Intermediary Identification Number (GIIN) and
- Due diligence on investors and identification of any reportable accounts
Reporting Financial Institutions ("Reporting FIs") must report through the Cayman Islands AEOI Portal.
Users should expect heavy traffic on the Portal.
Today's FATCA deadline for Reporting FIs through the Cayman Islands AEOI Port, is also the UK FATCA (CDOT) deadline for Reporting FIs. Also in relation to CRS, Reporting FIs are reminded that 31 December 2016 is the deadline for the completion of due diligence on Preexisting High Value Individual Accounts.
Read more at: Tax Times blog