The Cayman Islands Department of International Tax Cooperation (the "DITC") has announced that it will be taking a soft approach to enforcement of the 2016 UK CDOT and US FATCA notification and reporting obligations. Accordingly, it has extended the timing for submitting notifications to the DITC to Friday 10 June 2016, and for filing returns until Friday 8 July 2016. Previously the deadlines were 30 April 2016 and 31 May 2016, respectively.
Provided applicable Cayman Islands Financial Institutions comply with these extended notification and reporting deadlines, the DITC has advised that no adverse consequences or enforcement measures will be attracted.
Please note that the extensions relate only to the 2016 notification and reporting obligations, and the deadlines for subsequent years have not been changed.
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