Cayman Islands International Tax Department Issues Advisory on CbC Reporting Obligations, Releases Filing Guidance

The Cayman Islands Department for International Tax Cooperation Dec. 3 announced country-by-country (CbC) reporting obligations for multinational enterprise (MNE) groups, and released guidance on filing reports through its portal. The advisory includes that: 1) the ultimate parent entity (UPE) of a resident MNE group that has consolidated group revenue of US$850 million or more in the preceding fiscal year, must file the report; 2) a resident surrogate parent entity (SPE) must file the report if the UPE isn’t required to file in its jurisdiction, or if there is no agreement for the automatic exchange of information (AEOI); and 3) each ...