Industry is advised that the Cayman Islands Automatic Exchange of Information (AEOI) Portal is open as of 3:15 p.m. on Thursday, 19 March 2015.
The AEOI Portal is now available for financial institutions to conduct their Notification and Reporting obligations to the Tax Information Authority under the Tax Information Authority (International Tax Compliance) (United States of America) (Amendment) Regulations, 2015 and the Tax Information Authority (International Tax Compliance) (United Kingdom) (Amendment) Regulations, 2015 [“the Regulations”].
A User Guide for the AEOI Portal is available on the Tax Information Authority website, and can be accessed via the following link http://tia.gov.ky/pdf/User_Guide.pdf.
The Ministry has received Cabinet approval to amend the mandatory nil return requirement under the Regulations. The nil return requirement in Regulations 8(2) and 6(2) of the US and UK Regulations respectively, will be amended to be non-mandatory. However, there will be the facility for financial institutions to submit nil returns via the Portal should they so wish. Financial institutions with no reportable accounts will still need to complete the notification requirement via the AEOI Portal.