The Cayman Islands Tax Information Authority (TIA) maintains strict compliance oversight. The CRS Enforcement Guidelines detail the TIA's administrative penalties framework to deter and punish non-compliance, ensuring effective international tax reporting.
Penalties include $20,000 for failure to register on the DITC Portal by the notification deadline, and $8,000 for failing to maintain valid PPoC details.
When the TIA identifies a breach, it issues a Breach Notice. The FI has a minimum of 60 days to submit representations by email before the Primary Penalty is finalized and interest begins accruing.
