The Cayman Islands' Ministry of Financial Services, Commerce and the Environment is now seeking feedback from businesses on guidance notes circulated to the financial sector regarding tax compliance under inter-governmental agreements with the US and the UK.
The guidance notes are meant to help financial services companies understand and interpret the FATCA agreements.
CIMA said draft primary legislation published in April and draft regulations will be circulated for consultation after feedback on the guidance notes.
A letter from the Ministry of Financial Services, provided through CIMA, also noted that the FATCA Working Group has established an IT subgroup to focus on technical needs under the planned automatic exchange of information with the US.
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