The Department for International Tax Cooperation (DITC) advises industry of the following updates related to the DITC Portal.
2019 CRS Compliance Form Deadline Extended
The reporting deadline for the 2019 CRS Compliance Form is extended to 15 September 2021.
The current function to submit the 2019 CRS Compliance Form remains open on the DITC Portal. The deadline has been extended to accommodate the availability of a bulk upload option in CSV format, which will be released in advance of the revised deadline.
The deadlines for the 2019 CRS Compliance Form and the 2020 CRS Compliance Form are now the same, i.e. 15 September 2021.
Economic Substance functionality added to DITC Portal
Economic Substance (ES) functionality is being added to the DITC Portal and will be available from Tuesday, 26 January 2021.
Responsible Persons (RPs) of entities that are required to report under ES, and who are already registered to use the DITC Portal, will automatically see the ES entities they are assigned to. It will then be possible to both add secondary users and submit the required ES reporting for those entities.
Those RPs who are not already registered to use the DITC Portal will be sent links by e-mail to enable them to register and activate their account. The email will be sent from email@example.com. Please have your IT Team ensure that the email and the IP address (22.214.171.124) from which activation emails are being sent have not been blocked. Once the account is activated, the ES entities assigned to the RPs will be available to both add secondary users and submit the required ES reporting.
The DITC Portal User Guide will be updated to provide Guidance on how to access the ES forms. Industry is asked to note that there will be no bulk upload option for any of the ES filings available at launch or for this reporting cycle. A bulk upload option for entities carrying on holding company business is expected to be added later this year.
Registration as an Outsource Service Provider (OSP)
OSPs are reminded to register as soon as possible. Delay in registration could adversely affect the entities to which they provide outsource services as claims of outsourcing may not be taken into account in assessing compliance.
Guidance on how to register as an OSP is contained in the DITC Portal – User Guide. Please note that OSP user accounts must be activated as part of the registration process.
First Year Deadlines for ES reporting
Industry is reminded of the revised first year ES deadlines as noted in the industry advisory dated 11 January 2021.
Please refer to the DITC’s Economic Substance Legislation and Resources for more information.
Questions relating to Economic Substance may be emailed to CaymanESPortal@gov.ky
(Via Press Release)