The deadline for filing the compliance form for the Common Reporting Standard (CRS) is, for the year ending December 31, 2021, September 15, 2022 – and firms have been warned of new enforcement guidelines applicable to firms that miss the deadline.
Earlier this year, The Cayman Islands Department for International Tax Cooperation (DITC) published its CRS enforcement guidelines, which now represent an added incentive for firms to comply with the regime – and file things on time.
The guidelines set out indicative penalties for over 20 distinct potential breaches of the CRS regime, with fines for body corporates ranging from CI$5,000 to CI$37,500.
Fines can be issued for a number of offences including failure to implement and comply with written policies and procedures, failure to register on the DITC Portal by the notification deadline, and failure to correctly classify as reporting.
Here at Paradigm Governance Partners, we always do our best to keep clients informed of upcoming deadlines and reporting requirements. Given the new enforcement guidelines, this is clearly more important than ever for our clients.