Following industry consultation, on 15 April 2020 the Department for International Tax Cooperation (“DITC”) released its new CRS Compliance Form (the “Form”) which Reporting Financial Institutions and Trustee Documented Trusts will need to complete annually in respect of the same reporting period as their CRS annual returns. The Form will be made available on the DITC Portal in June 2020 and will be due for submission to the DITC by 31 December 2020 in respect of the 2019 reporting period. The DITC has also issued Notes for Users (the “Notes”) which explain the purpose of the Form and provide a high level overview of its requirements. It is expected that a detailed user guide will be issued later this year. However, in the interim, should there be any questions in respect of the Form or the Notes they may be addressed to [email protected] or your usual Conyers contact.
The DITC has further advised that the FATCA reporting deadline for the 2019 reporting period has now been extended to 16 November 2020. It should be noted that it is not currently proposed to make any further changes to the CRS reporting deadline for 2020 which, as advised in our March Alert, has now been extended to 18 September 2020.
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Cayman CRS Compliance Form Released and FATCA Deadline Extended