The Cayman Islands’ Department for International Tax Cooperation (“DITC”) released their official guidance on March 29, 2018 regarding the Country-by-Country (“CbC”) reporting requirements of entities that are resident in the Cayman Islands.
The Guidance sets out the Notification and reporting requirements of Constituent Entities of an MNE Group. It also addresses a number of technical issues.
Every entity that is resident in the Cayman Islands must determine whether or not it is a Constituent Entity (i.e. whether its Group qualifies as an MNE Group) and if it is, must identify the Reporting Entity of its Group (which may be itself). The notification and first reporting deadlines for Constituent Entities with a Cayman Islands Reporting Entity are 15 May 2018 and 31 May 2018, respectively. The notification deadline for Constituent Entities whose Reporting Entity is not resident in the Cayman Islands is 30 September 2018.
