Cayman Islands: AEOI Portal closure | KPMG | GLOBAL

Cayman Islands: AEOI Portal closure

Cayman Islands: AEOI Portal closure

The Department for International Tax Cooperation of the Cayman Islands issued a release today that confirms an earlier report that Cayman Islands AEOI Portal will be closed for reporting at 4 pm on 13 September 2017.

1000

Related content

According to a release from the department:

  • The AEOI Portal team is currently working through a significant backlog of technical queries, issues and requests which have been emailed to the AEOI Portal mailbox. Cayman financial institutions that have emailed the AEOI Portal team can expect responses over the next six weeks. Financial institutions are requested to wait for the team’s response and not to send further emails relating to known issues.
  • Emails received to the AEOI Portal mailbox after 13 September 2017 will not be reviewed for response until 16 October 2017 at the earliest, since the team works to resolve the backlog.
  • Once data submitted prior to the Portal closing on 13 September has been transmitted to the IRS and the CRS Common Transmission System, the Portal will reopen to allow Cayman financial institutions to complete any outstanding reporting. The reopening of the Portal will be communicated through an industry advisory and on the AEOI Portal page. The Portal is not anticipated to reopen until late October or early November 2017 at the earliest.
  • For compliance purposes, the Department for International Tax Cooperation will consider the efforts made by Cayman financial institutions to fulfill their reporting obligations on time. Financial institutions that were unable to complete their obligations as a result of issues emailed to the AEOI Portal team prior to the reporting deadlines “can reasonably expect these factors to be taken into consideration.”

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit