On March 31, 2021, the Cayman DITC posted an updated bulletin addressing FATCA, CRS, Economic Substance, and the CbCR Portal Accessibility. Key points related to FATCA and CRS include:
CRS Reporting and Administrative Penalties
- 2019 CRS XML season ended and functionality is disabled on the DITC Portal.
- FIs unable to use the portal to complete reporting will not receive an automatic Administrative Penalty. If they do not submit returns by the date required by the Authorities, then these penalties will apply.
CRS XML Schema Change
- CRS XML Schema Version 2.0 and CRS User Guide Version 3.0 are now required for all CRS XML Returns on the DITC Portal. This applies to late 2019 reports that will be filed in 2021.
- 2019 FATCA reporting is available on the DITC Portal.
- 2020 FATCA reporting will begin May 2021. All reports must include the U.S. TIN of each Specified U.S. Person. Without a U.S. TIN, FIs must use 9 A’s or 9 0’s or they will receive an error message from the IRS that they must correct within 120 days. The IRS determines there is significant non-compliance they may treat these FIs as an NPFFIs.
FATCA Technical Issues
- FI names must be identical to the IRS FFI List, otherwise, they will receive an error message. Please refer to Section IV of the Bulletin for additional technical issues related to Trustee Documented Trusts and correcting GIINs.
Accessing the DITC Portal
- Activation emails will be sent by firstname.lastname@example.org to the AP and PPoC registered on the AEOI Portal. Check with IT departments to confirm these emails will not be blocked.
FIs not transferred to the DITC Portal
- FIs registered on the AEOI Portal that have been dissolved or wound up before the DITC Portal launch have not been migrated and will not be visible on the DITC Portal. These FIs will not have to complete any outstanding actions and the DITC will not enforce penalties.
- FIs that were migrated will be required to submit any outstanding reporting and then deactivate form the portal when the Portal adds this functionality in 2021.
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