All Cayman Islands entities are part of a group with annual revenue exceeding US$850 million. If this is true for any entity in respect of its fiscal year immediately preceding its fiscal year that commenced in 2016, that entity must notify the Cayman Islands Tax Information Authority (“TIA”) by 15 May 2018 (if its group reporting entity is resident in the Cayman Islands) or otherwise, by 30 September 2018. Any reporting entity must submit its first report to TIA by 31 May 2018.

Country-by-Country Reporting (“CbC Reporting”) is the outcome of the OECD/G20 Base Erosion and Profit Shifting Project, and is a continuation of their efforts to improve international tax transparency. The Cayman Islands has agreed to implement CbC Reporting and will automatically exchange reported information with other jurisdictions that are party to the Multilateral Convention for Mutual Administration in Tax Matters or any other tax convention or tax information exchange agreement to which the Cayman Islands is a party, which have also agreed to the automatic exchange of reported information.