The Board of Directors of the Cayman Islands Monetary Authority (CIMA), has announced an extension to the deadline for entities licensed by CIMA to submit annual fees, which will now be due on January 31.
The government has approved the waiving of the additional fee and surcharge on late payment of the annual fees, normally due on or before January 15th of each year, in the light of the added administrative burdens placed on licensees, which have struggled with staffing shortfalls due to the disruptive effect of Hurricane Ivan.
Consequently, usual invoice and fee reminders to clients were delayed, which has resulted in fee remittances not being received from all clients to date.
CIMA will however impose late payment penalties on those who do not remit annual fees by January 31st.
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