Cayman Islands: CRS reporting updates
The Department for International Tax Cooperation issued updates related to the common reporting standard regime.
CRS reporting updates
The Department for International Tax Cooperation (DITC) of Cayman Islands in June 2024 issued updates related to the common reporting standard (CRS) regime. The updates are as follows:
- All financial institutions that maintained reportable accounts during the reporting period are reminded to submit CRS reports for each reportable account via the DITC portal. The CRS XML must include each account holder’s full name, address, taxpayer identification number (TIN), date and place of birth, valid account number and any closed accounts. Financial institutions without any reportable accounts are required to file a NIL return confirming no submission of any account reports for that reporting period. After submitting the CRS XML returns, financial institutions must also submit the CRS filing declaration.
- Furthermore, the DITC notes that the CRS XML generator cannot include “place of birth” information, due to technical constraints, until July 31, 2024. Consequently, financial institutions using the CRS XML generator will not be able to include this data for 2023 reporting, and the DITC will not penalize the financial institutions for non-compliance with this requirement. However, the DITC confirmed that the CRS XML generator will be updated before the 2024 CRS reporting deadline to include the “place of birth” element and financial institutions are expected to include this information in their 2024 CRS XMLs.
Read a July 2024 report prepared by the KPMG member firm in the Cayman Islands
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