International Tax Compliance: Country-by-Country Reporting Regulations Introduced in the Cayman Islands

This alert is intended to aid businesses that may have obligations to report information under the Tax Information Authority (International Tax Compliance) (Country-by-Country Reporting) Regulations, 2017 (“CbCR Regulations”), which were issued by the Cayman Islands on 15 December 2017 as part of its ongoing commitment to international tax transparency. The Cayman Islands is party to the OECD Multilateral Competent Authority Agreement on the Exchange of Country-by-Country Reports and the Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”). The CbCR Regulations implement, in the Cayman Islands, the OECD’s model legislation published pursuant to the OECD's BEPS Action 13 Report (Transfer Pricing Documentation and Country-by-Country Reporting), which sets out the BEPS minimum standards. Click here for more.