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Cayman Islands

2 February 2018

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Cayman Islands CbC Reporting Regulations

The Cayman Islands has published the Tax Information Authority (International Tax Compliance) (Country-by-Country Reporting) Regulations 2017, which were made 15 December 2017. Main points of the regulations include:

  • The CbC reporting requirements are effective for reporting fiscal years of MNE groups beginning on or after 1 January 2016;
  • The reporting threshold is USD 850 million consolidated group revenue in the previous fiscal year;
  • Ultimate and surrogate parent entities resident in the Cayman islands are subject to the reporting requirements, while non-parent constituent entities are not (i.e., no general local filing requirement);
  • All constituent entities of an MNE group resident in the Cayman Islands must submit a notification on whether they are the ultimate or surrogate parent, or if neither, must provide details of the identity and tax residence of the reporting entity;
  • The deadline for the CbC notification is the end of the reporting fiscal year and the deadline for the CbC report is 12 months after the end of the reporting fiscal year, although for the first year, the deadline for both is extended to 31 March 2018;
  • The content of the CbC report is in line with OECD guidelines and the report must be submitted using the OECD XML Schema; and
  • Failing to comply with the CbC reporting and notification requirements will result in administrative penalties up to KYD 5,000 (~USD 6,000), as well as possible criminal penalties up to KYD 10,000 (~USD 12,000) and/or 6 months imprisonment on summary conviction.

For additional information click the following link for the Country-by-Country Reporting (“CbCR”) Legislation and Resources document published by the Cayman Islands Department for International Tax Cooperation, which is expected to be updated in the near future with final guidance and a notification template. Draft versions have been released as part of an industry consultation.

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