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Cayman Islands

9 February 2018

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Cayman Islands Issues Guidance on Preparations for the Launch of the CbCR Portal including Extended Deadlines

The Cayman Islands Department for International Tax Cooperation (DITC) has announced guidance on preparations for the launch of its Country-by-Country reporting (CbCR) portal. CbC reporting requirements apply in the Cayman Islands for reporting fiscal years of MNE groups beginning on or after 1 January 2016 (previous coverage).

The main points of the guidance include:

  • The process for the submission of notifications on the CbCR portal is a two-part process:
    • In Part 1, the primary contact must name the MNE group, the ultimate parent, the surrogate parent (if any), provide contact information for the primary contact and the secondary contact, and upload the reporting entity’s authorization letter appointing the primary contact and the secondary contact with respect to all the MNE group’s constituent entities resident in the Cayman Islands (login credentials will then be provided for Part 2);
    • In Part 2, the primary contact must upload a CSV file that lists all those constituent entities, including each entity’s name, address, and registration number issued by the General Registry, and confirm whether or not it is regulated by the Cayman Islands Monetary Authority;
  • The deadline for the submission of the first notification has been extended to 15 May 2018 and the deadline for the CbC report has been extended to 31 May 2018; if the reporting entity is not resident in the Cayman Islands, the deadline for the first notification is further extended to 30 September 2018; and
  • A reporting entity (ultimate parent) resident in the Cayman Islands must submit a CbC Report via the CbCR Portal even if a CbC report for the same MNE group has already been submitted to another competent authority, including where the MNE group purported to appoint a surrogate parent to submit a report in another jurisdiction or where a reporting entity resident in the Cayman Islands is also resident for tax purposes in another jurisdiction requiring CbC reports.

The DITC will publish the prescribed templates for the authorization letter and CSV file when it publishes the CbC report guidance, which is expected in the near future.

Click the following link for the full guidance.

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