Tag Archive for Cayman Islands

Cayman Islands—FATCA Reporting of American Depositors Has Been Postponed Again!

Ron Marini

Previously, we posted “Cayman Islands FATCA Reporting Of American Depositors Is Today!” The Cayman Islands has postponed the deadline for banks to report accounts of U.S. and U.K. persons for the 2015 tax year to the Cayman Tax Information Authority from August 10 to September 2 for both U.S. Foreign Account Tax Compliance Act reporting and U.K. Crown Dependencies/Overseas Territories reporting.

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Cayman Islands FATCA Reporting Of American Depositors Is Today!

Ronald Marini

Today, Wednesday, August 10, 2016 is the deadline for Cayman Islands financial institutions to complete their notification and reporting of American clients’ accounts to the Cayman Tax Information Authority, under the US Foreign Account Tax Compliance Act (FATCA).

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Beneficial Ownership Registry for the Cayman Islands is Imminent!

On November 4, 2013, Wayne Panton, the Minister for Financial Services, Commented on the Commencement of Cayman’s Consultation on its G8 Action Plan.

On 31 October, the United Kingdom announced a proposal for a public register of beneficial ownership information, following the results of its public consultation. If implemented, the register conceivably would allow a citizen of any country to access information on the beneficial owners of UK-registered entities.

In the Cayman Islands, we also are assessing our regime on beneficial ownership. In our action plan on the misuse of companies and other legal structures, published immediately following the June G8 Summit, we committed to assess whether a central Read more

Australian Tax Court Uses Documents Improperly Obtained In Breach Of Exchange Of Tax Information Agreement

iStock_000024834312XSmallIn the Australian Federal Court on Tuesday (8 October) Justice Perram allowed the Australian Tax Office (“ATO”) to use documents obtained in apparent breach of the exchange of the Tax Information Agreement (“TIA”) between Australia and the Cayman Islands.

It appears that the Cayman Islands Tax Information Authority (“CITIA”) erroneously provided the ATO with information for tax years prior to the date set as operational for the agreement.

The Australian court’s decision has effectively validated an effective retrospective application of the Cayman’s TIA, at least in this case.

The judgement (in Hua Wang Bank Berhad v Commissioner of Taxation (No 7) [2013] FCA 1024) found that although the Caymans Grand Court had decided on 13 September 2013 that the CITIA decision on 23 February 2011 to provide the information to the ATO should be set aside and the documents should be returned; Read more

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