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Bailey McCann, Opalesque New York:

The Cayman Islands Department for International Tax Cooperation has said it will be taking a "soft approach" to enforcement of notification and reporting due dates under UK CDOT and US FATCA for 2016, according to an industry advisory released by the agency. The move is in recognition of the first year of implementation for UK FATCA and also that the AEOI Portal has recently been unavailable.

So, firms in Cayman may get a bit of a lucky break on tax reporting if they are running a bit late.

Cayman's AEOI Portal was officially launched in March of last year but hasn't always been available. DITC said in its advisory it will tell the industry when the portal is open for UK CDOT reporting later this year.

According to a client update from offshore law firm Maples and Calder, in addition to the soft approach, DITC will also be accepting UK FATCA reporting using the Alternative Reporting Regime but only for a limited time. During this period DITC will be accepting ARR reporting via an agreed "ARR Election Template" until something uniform is created.

Additionally, DITC is expected to release guidance soon about the common reporting standard. This will be the first year that firms have to report new account creatio......................

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