The Department for International Tax Cooperation (DITC) of Cayman Islands in April 2024 issued updates related to the common reporting standard (CRS) regime. The updates are as follows:
- Reminders for CRS reporting: All financial institutions with a reporting obligation are reminded to submit a CRS filing declaration. This declaration either summarizes the number of account reports reported to each reportable jurisdiction or constitutes a nil return if the financial institution does not maintain any reportable accounts. Financial institutions with reportable accounts must include the following information for each account holder in the CRS XML: full name, address, TIN, date and place of birth, valid account number, and any closed accounts. Financial institutions with reporting obligations are also required to submit a CRS compliance form showing the total value of reportable and non-reportable financial accounts.
- CRS reportable jurisdictions: The reportable jurisdictions list for the 2023 reporting period has been updated to add Georgia, Kenya, Moldova, and Ukraine, and remove Uganda for the reports due in 2024.
Read a May 2024 report prepared by the KPMG member firm in the Cayman Islands