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The Tax Information Authority Law (TIA Law) is the primary Cayman Islands legislation dealing with the implementation of the Agreement, and the detailed rules are contained in the FATCA Regulations made under the TIA Law. Current laws and regulations in effect for FATCA in the Cayman Islands.What do you need to know about FATCA reporting?
Summary of FATCA Reporting for U.S. Taxpayers Reminder: You may have to report information about foreign financial assets and accounts. The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to combat tax evasion by U.S. persons holding accounts and other financial assets offshore.What is FATCA (foreign account Tax Compliance Act)?
The Foreign Account Tax Compliance Act (FATCA) is the mechanism for reporting information on financial accounts held by US persons to the US Internal Revenue Service (IRS).When did Cayman Sign a tax information exchange agreement with the US?
On 29 November 2013, Cayman signed a Model 1 IGA with the US, as well as an amended Tax Information Exchange Agreement, paving the way for the automatic exchange of tax information between Cayman and the US under FATCA.