Cayman Islands International Tax Department Issues Advisory on CbC Reporting

The Cayman Islands Department for International Tax Cooperation Aug. 29 issued an industry advisory on its transition to a country-by-country (CbC) reporting portal for multinational enterprise (MNE) groups. The advisory includes that: 1) all MNE groups with Cayman Islands constituent entities (CEs) must re-register on the new portal to comply with the CbC regulations; 2) a resident entity must determine whether it is a CE of an MNE group under the regulations, and identify the reporting entity, generally the ultimate parent entity; 3) a single notification is required for all resident CEs in a MNE group; and 4) the Tax ...