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Published 14th May 2014, 3:13pm

FATCA Guidance Notes Issued for Industry Feedback

The Cayman Islands FATCA Working Group has produced the first draft of the Guidance Notes on the International Tax Compliance Requirements of the Intergovernmental Agreements between the Cayman Islands and the United States of America and the United Kingdom.

These guidance notes are being circulated to members of the financial services industry, for their feedback, by the Ministry of Financial Services, Commerce and Environment.

The notes provide practical assistance to industry in interpreting the US and UK FATCA agreements, said Councillor for Financial Services Roy McTaggart. Mr McTaggart chairs the working group, which includes representatives from both Government and industry.

‘Together with draft primary legislation published on 20 April, and draft regulations that will be circulated for consultation shortly, the guidance notes are a key component of Cayman’s automatic exchange of information (AEOI) regime for the implementation of the US and UK agreements’, he said.

Cayman signed FATCA agreements with the US and UK in November 2013.

 

For more information, please contact the Financial Services Secretariat at (345) 945-5819 or via email at financepr@gov.ky.