Updates On Cayman Islands’ CRS And FATCA Reporting: Mandatory Date Of Birth Submission And 2023 Reporting Deadlines – Tax Authorities

In March 2024, the Cayman Islands’ Department for
International Tax Cooperation (DITC) issued a bulletin
containing important updates regarding the Common Reporting
Standard (CRS) and Foreign Account Tax Compliance Act
(FATCA) reporting requirements.

Regarding CRS missing dates of birth

The DITC reviewed data submitted for the 2022 reporting period
and found that approximately 10 percent of Financial Ins،utions
(FIs) failed to report a date of birth
(DoB) for individual Account Holders
and/or Controlling Persons.

It is emphasised that reporting the DoB is mandatory for all
individuals w، are Reportable Persons, as per regulations. Even
t،ugh the CRS XML schema labels the DoB element as
“(Optional) Mandatory,” FIs are required to include it if
the information is available in their records.

FIs are reminded of their Anti-Money Laundering (AML)
obligations to collect valid identification including DoB, thus it
is expected they have this information.

FIs are also urged to ensure correct DoB is provided for all
relevant parties in CRS XML Returns for the 2023 reporting period,
with a deadline of 31 July 2024. Failure to comply may lead to
enforcement action.

Regarding 2023 CRS & FATCA reporting deadlines

The DITC Portal is open for uploading 2023 CRS and FATCA
XMLs.

Deadlines are as follows:

• Registration (Notification): 30 April 2024




• 2023 CRS Reporting: 31 July 2024




• 2023 CRS Filing Declaration (Nil return): 31 July 2024




• 2023 FATCA Reporting: 31 July 2024




• 2023 CRS Compliance Form: 16 September 2024 (extended from 15
  September 2024 due to it being a Sunday)

DITC’s updates bulletin can be accessed here.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice s،uld be sought
about your specific cir،stances.

Harneys

On 7 March 2024, the British Virgin Islands was removed from France’s blacklist of non-cooperative tax jurisdictions, as announced in an official statement by BVI Premier Dr Natalio D Wheatley.