• Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 5/13/2014

Cayman Islands - Draft FATCA guidance notes released for comments 

May 13:  The Cayman Islands on 12 May 2014 released a first draft of FATCA guidance notes concerning the compliance requirements of the intergovernmental agreement (IGA) between the Cayman Islands and the United States and between the Cayman Islands and the United Kingdom.

The 221-page draft guidance notes [PDF 2.24 MB] were released for industry comments and feedback.

The guidance notes are intended to provide practical assistance to industry in interpreting the FATCA agreements with the United States and the UK, and will be a key component of Cayman’s automatic exchange of information regime for implementing the agreements.

The FATCA Working Group also established an IT subgroup to focus on technical modalities for the automatic exchange of information for tax purposes, and will be intended to follow published IRS rules.

Read a May 2014 report [PDF 176 KB] prepared by the KPMG member firm in the Cayman Islands: Cayman Islands - Draft FATCA Guidance Notes released for industry feedback

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