Cayman Islands Launches Country-by-Country Portal
Further to our previous updates, the Cayman Islands Department for International Tax Cooperation (the "DITC") issued an advisory dated 4 May 2018 (the "Advisory") announcing that the Country-by-Country Reporting Portal (the "CbCR Portal") is now available for Multinational Enterprise Groups (each an "MNE Group") to conduct their notification obligations to the DITC under the CbCR Regulations1. In addition, the Advisory notes the following:
(a) The notification deadline for Constituent Entities (that are resident in the Cayman Islands) to file their CbC Report on the CbCR Portal has been extended from 15 May 2018 to 22 May 2018. The deadline for Constituent Entities (that are not resident in the Cayman Islands) to file their CbC Report via the CbCR Portal remains at 30 September 2018.
(b) A revised version 1.1 of the CbCR Guidance Notes has been issued. The CbCR Guidance Notes are in substantially similar form to the earlier version other than including additional guidance dealing with how an MNE Group can deactivate its notification where they cease to have any Constituent Entities that are resident in the Cayman Islands.
(c) Updates to the CbC XML Schema User Guide to include guidance on addressing common validation errors that may arise when uploading the CbC Report via the required XML file format.
(d) Updates to the Constituent Entity File and the Constituent Entity File – Instructions.
Copies of all of the revised documentation can be obtained through the DITC website or by clicking on the embedded links within the Advisory.
For further information or advice on the CbCR Regulations, please contact any of the persons listed above or your usual Maples and Calder or MaplesFS contact.
1 Please refer to our update of 21 December 2017 titled Cayman Islands Country-By-Country Reporting Regulations Issued for a summary of key defined terms.