New tax reporting deadlines for Cayman and BVI

Both the Cayman Islands and the British Virgin Islands (BVI) have announced revised deadlines for tax reporting as a result of the global outbreak of the Covid-19 virus.

Cayman Islands
The Cayman Islands Department for International Tax Cooperation has moved the CRS reporting deadline for the jurisdiction to 16 November 2020. The change is as a result of the Global Forum on Transparency and Exchange of Information for Tax Purposes recognising that jurisdictions should have the ability to extend the deadline for the 2020 CRS exchanges.

The revised deadline moves from the original date of 30 September 2020 and aligns with the recently amended FATCA reporting deadline.

BVI
The International Tax Authority in the BVI has extended the FATCA and CRS deadlines for enrolment and reporting:

• The FATCA enrolment deadline is extended to 31 July 2020, from 1 April 2020
• The FATCA filing deadline is extended to 31 August 2020, from 31 May 2020
• The CRS enrolment deadline is extended to 30 June 2020, from 30 April 2020
• The CRS filing deadline is extended to 31 July 2020, from 31 May 2020

Under the legislation, the International Tax Authority now requires BVI financial institutions to provide a copy of their CRS Policies and Procedures within ten working days. Failure to do so constitutes an offence.

For guidance on the latest deadlines, and the reporting requirements in the Cayman Islands and the BVI, please get in touch with our expert team.