The Department for International Tax Cooperation (DITC) is following Cayman Islands Government policy and activating its business continuity plan during the coronavirus (COVID-19) pandemic.
As a result, the DITC expects to maintain its operational frameworks and international obligations. Confidentiality and data safeguards remain critical for DITC functions and strict security measures will continue to apply to all remote working.
The DITC, which falls under the remit of the Ministry of Financial Services, has contacted all external service providers to confirm their coronavirus contingency plans and obtain assurances of continuity of service.
In light of the coronavirus, the DITC is aware that this creates some concern as to whether Cayman Islands reporting deadlines under the Common Reporting Standard, Foreign Account Tax Compliance Act, Country-by-Country Reporting, Economic Substance, and Exchange Of Information on Request domestic legal frameworks will be impacted.
The DITC does not currently propose to make any changes to previously announced deadlines. However, the DITC is monitoring the international landscape carefully and will consider any appropriate adjustments in the event that applicable international deadlines are modified.
Persons seeking more information on the DITC can visit www.ditc.gov.ky.
(Via Press Release)