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Cayman AEOI Portal now live

| 23/03/2015 | 0 Comments

(CNS Business): On Friday 20 March at 4:15pm the Cayman Islands officially opened the doors to the Automatic Exchange of Information (AEOI) Portal to report tax information to other jurisdictions. The Financial Services Ministry has announced the AEOI Portal is now available for financial institutions to register and report customer data to the Tax Information Authority under the US Foreign Account Tax Compliance Act (FATCA).

Officials said the deadline for reporting information to the portal is 31 May. However, affected parties have until 30 April to meet the notification deadline saying they will file under the new portal.

FATCA is a US tax-reporting initiative that forces financial institutions and certain nonfinancial institutions worldwide to report bank accounts and ownership interests of US taxpayers. If they fail to report, they can face a 30 per cent withholding tax on transactions with the United States.

The AEOI Portal will be used by Cayman’s financial institutions to comply with their reporting obligations under intergovernmental agreements. Under the IGA the Cayman Tax Information Authority (TIA) will gather information required by FATCA from financial institutions and make that information available to the IRS. Officials said the exchange of tax information to other jurisdictions would become more efficient with this new online system.

“The significance to Cayman is evident by the fact that we have the highest number of financial institutions registered with the IRS under US FATCA, around 28 thousand plus. That clearly indicates to us that Cayman has a very significant role, is a very significant player in the global financial markets, and we have to take our obligations very seriously,” Minister Panton said at a new conference about the portal in early March.

To access the new portal click on the home page for the TIA and then select Automatic Exchange of Information from the left hand side of the page. Then click Cayman AEOI Portal from the drop down box. 

A User Guide for the AEOI Portal is available on the Tax Information Authority website here.

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Category: Featured, Finance, Financial Services, Uncategorized

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