Key reporting deadlines for 2016 that Cayman Island- based financial institutions must comply with regarding UK and US exchanging of information have been delayed by approximately 6 months.
The notification date for UK CDOT (Crown Dependencies & Overseas Territories) and US FATCA (Foreign Account Tax Compliance Act) reporting requirements were previously set to proceed from the 30th of April, however it has now been extended to June 10th 2016.The deadline that was originally set for both systems was May 31st 2016, and this has also been extended to the 8th of July 2016.
The deadline for pre-existing accounts under the due diligence procedure remains unchanged on June 30th 2016 for both FATCA and CDOT. For any accounts that were opened after December 31st 2015, due diligence must still be concluded within a 90 day timeframe.
The Department of International Tax Cooperation in the Cayman Islands have released a statement declaring that financial institutions will not be affected negatively by any enforcement measures or receive fines, as long as they complete the requirements before or by these dates.