Industry is invited to submit comments on The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016.
The deadline for comments is close of business on Friday, 25 November; and all comments should be emailed to Peter Stafford<mailto:*protected email*>, the Department of International Tax Cooperation’s senior analyst.
As part of the ongoing implementation of the Common Reporting Standard (CRS), this second tranche of regulations addresses CRS compliance and enforcement in Cayman. They are proposed to be presented to Cabinet and brought into effect before 31 December 2016.
In addition to the draft amending regulations, the Department for International Tax Cooperation (DITC) is circulating an explanatory summary to assist industry with the proposed provisions.