21 December 2020
The Cayman Islands Department for International Tax Cooperation (DITC) issued an industry advisory on 17 December 2020 regarding the amendment of the Country-by-Country Reporting (CbCR) Guidance and the replacement of the CbC XML Schema with v2.0. The advisory also notes that because the CbCR Portal has been offline since 25 March 2020, it has not been possible for MNE Groups to submit notifications and reports to the DITC. The CbCR Portal is scheduled to be reopened on 5 January 2021, with a new deadline of 28 February 2021 provided as follows:
Note, the requirement to submit a CbC report in the Cayman Islands only applies for ultimate and surrogate parent entities resident in the Islands. There is no secondary local filing requirement for non-parent constituent entities.
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