Financial Services Tax News Flash

Jan 2018

New Cayman Islands CbCR regulations may impact investment funds

On 15 December 2017 the Tax Information Authority (International Tax Compliance) (Country-by-Country Reporting) Regulations, 2017 (CbCR Regulations) were made and gazetted by the Cayman Islands Ministry of Financial Services and Home Affairs.

For those affected by the CbCR Regulations, there may be reporting obligations by as early as 31 March 2018. Given the short time frame, any funds that are impacted should begin making preparations immediately.

While it is expected that many funds will not have a reporting requirement, it is not always immediately apparent whether or not this is the case.  Therefore, given the potential sensitivity of the additional disclosures involved, the potential for penalties for non-compliance, and potential interest of this issue that may come from investors / limited partners (LPs), we strongly advise funds to prepare an analysis of the impact of these new regulations to confirm whether or not they need to comply.  

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Clarence Leung
Partner, Asset Finance and Leasing, PwC Hong Kong
Tel: +[852] 2289 3599
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David Kan
Partner, PwC Hong Kong
Tel: +[852] 2289 3502
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Florence Yip
Asia Pacific Tax Leader Financial Services, Asset & Wealth Management, PwC Hong Kong
Tel: +[852] 2289 1833
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Phillip Mak
Hong Kong Tax Partner, PwC Hong Kong
Tel: +[852] 2289 3503
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Puay Khoon Lee
Partner, PwC Hong Kong
Tel: +[852] 2289 3828
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Rex Ho
Hong Kong Financial Services Tax Leader, PwC Hong Kong
Tel: +[852] 2289 3026
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Ali Tse
Transfer Pricing Director, PwC Hong Kong
Tel: +[852] 2289 3508
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Peter Brewin
Transfer Pricing Partner, PwC Hong Kong
Tel: +[852] 2289 3650
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Sandy Lau
Director, PwC Hong Kong
Tel: +[852] 2289 3526
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David Smith
Senior Advisor, PwC Hong Kong
Tel: +[852] 2289 5802
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