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Corporations and advisers with interests in the Cayman Islands should take note that notification and reporting dates for the U.S. and U.K. Foreign Account Compliance Act (FATCA) have been extended. The new deadlines are June 10, 2016 for notifications and July 8, 2016 for filing returns.
The Cayman Islands Department of International Tax Cooperation (DITC) announced the extension of the deadlines, which were previously set for April 30 and May 31 of this year.
Officials from DITC have said that as long as those affected by the laws comply by the revised deadlines, no "adverse consequences or enforcement measures" will follow. This soft enforcement approach is, in part, driven by a recognition that these laws are relatively new and that compliance is in its early stages. Additionally, the Cayman AEOI Portal--the mechanism by which reports and returns are submitted to the Cayman Islands Tax Information Authority -- was also unavailable for use for a period of time.
Guidance for notifications and reporting under U.S. FATCA (and notification under U.K. FATCA) was issued in April 2016. Additional guidance covering U.K. FATCA reporting is under development and is expected to be issued soon.
It should be noted that these revised deadlines for reporting and notifications apply only to 2016. The previously established U.S. and U.K. FATCA deadlines will be reinstated effective next year.
To learn more about how CT can help you better manage your Compliance and Governance needs, contact a CT representative at 855-316-8948 (toll-free U.S.).
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