The Cayman Automated Exchange of Information (AEOI) portal is anticipated to become operational in early March 2015.
The portal, which is in the final stages, was created for financial institutions to submit their reports under the Tax Information Exchange Agreement's by the Tax Information Authority as they relate to US and UK FATCA and the upcoming Common Reporting Standard.
In an update, the Cayman Islands Department of International Tax Cooperation (DITC) said that registrations and reporting may be conducted by or on behalf of financial institutions directly to the DITC via the portal.
The notification deadline has been extended to April 30, 2015 and an amendment to regulations will be completed in due course. The first reporting deadline of May 31, 2015 remains unchanged.
“The press release confirms the anticipated reporting format to be consistent with currently published schemas by the IRS for US FATCA and by the OECD for the Common Reporting Standard, and will be in XML format,” said Trinity Fund Administration.
The fund administrators added: “Financial institutions will have the option of submitting reports to the DITC individually, by entering information manually on the website, or via bulk submission by uploading an XML file(s). Financial institutions that have registered as a sponsoring entity will have the ability to upload an XML file containing information for multiple financial institutions.”
Cayman, AEOI, FATCA, Europe, North America, Common Reporting Standard, DITC, Trinity Fund Administration