Cayman Islands Defers Automatic Information Exchange, Again

The closing date for Cayman Islands entities to file reports under the automatic exchange of information regulations for the 2019 reporting timeframe has once again been extended from July 31st to September 18th 2020. 

The reason this time, is due to the International Tax Cooperation’s team’s task to develop a new online reporting portal, to be launched on June 1st 2020, which will allow a more comprehensive system for businesses in the long run. Amendments to the island’s regulations have also been published with immediate effect; with the department adding six new jurisdictions to the list of Common Reporting Standard-reportable jurisdictions.