The Department for International Tax Cooperation (DITC) issued some important updates in June reminding Cayman Islands financial Institutions of their common reporting standard (CRS) annual reporting obligations.
There are a number of key deadlines to be aware of. The first big deadline is 31 July, 2024, when the CRS Filing Declaration is required by all financial Institutions with a CRS reporting obligation. A return must be made for each reportable account maintained during the reporting period.
The second deadline of note is 16 September 2024, by when all financial Institutions with a CRS reporting obligation must submit a CRS compliance form.
Finally, the list of CRS Participating Jurisdictions and CRS Reportable Jurisdictions has changed. The new lists were gazetted in the Cayman Islands on 12 April 2024. The following countries have been removed as participating jurisdictions: Georgia, Gibraltar, Kazakhstan, Liberia, Moldova, Montenegro, Morocco, Qatar, Uganda and Ukraine.
The list of reportable jurisdictions for CRS is amended to include: Georgia, Kenya, Moldova and Ukraine for reports due in 2024 onwards; and Armenia, Morocco, Rwanda, Senegal, Tunisia and Uganda for reports due in 2025 onwards.