Organization : Department For International Tax Cooperation (DITC)
Facility : Common Reporting Standard (CRS)
Country : Cayman Islands
Website : https://www.ditc.ky/crs/
What is Common Reporting Standard (CRS)?
The Common Reporting Standard (CRS) was developed by the Organisation for Economic Co-operation and Development (OECD) on the mandate of the G20. It is the global standard for the automatic exchange of financial account information for tax purposes.
Under the CRS, jurisdictions obtain specified financial account information from their Financial Institutions and automatically exchange that information with reportable jurisdictions on an annual basis.
Scope of Common Reporting Standard (CRS)
Further to a comprehensive review of the CRS, the OECD has adopted a set of amendments which together with the original CRS now form the basis of the global standard. The amended CRS brings new financial assets, products, and intermediaries within scope as they are alternatives to traditional financial products and will avoid duplicative reporting under CARF.
The scope of the CRS has been expanded to include specific electronic money products and central bank digital currencies. Amendments also ensure indirect investments in crypto-assets through derivatives and investment vehicles are now subject to the CRS, strengthen the due diligence and reporting requirements and provide a carve out for genuine non-profit organisations.
FAQ On DITC Common Reporting Standard (CRS)
Frequently Asked Questions FAQ On DITC Common Reporting Standard (CRS)
How do I submit Reporting to the TIA?
Reporting is submitted via the DITC Portal. If you are a new user, you will need to submit a Notification to register the Financial Institution.
When can I submit my Reporting?
When the DITC Portal is open you can submit reporting for all available years listed on the XML Upload page.
Can I submit test returns?
Testing is not permitted within the DITC Portal.
I have received an error from a partner jurisdiction – what do I do?
Review the error issued by the partner jurisdiction on the DITC Portal. You can also contact the DITC regarding a specific error once you are logged in.
When can I deactivate an FI?
Refer to section 6 of the CRS Guidelines for instances in which an FI may be deactivated. Further details together with the process of deactivation can also be found in the DITC Explanatory Note – CRS Deactivations and the DITC Portal User Guide.
What happens if the FI fails to submit the CRS Compliance Form by the deadline?
The FI would be in breach of Part 2 of the CRS Regulations if it fails to submit the CRS Compliance Form by the deadline and an administrative penalty will be automatically issued by the Authority.
About the Department for International Tax Cooperation:
The Department for International Tax Cooperation is a department in the Ministry of Financial Services and Commerce. It is responsible for administering all of the Cayman Islands’ legal frameworks for international cooperation in tax matters, and for carrying out the functions of the Tax Information Authority, the Cayman Islands competent authority.