Vizor Software Launches CbC Reporting Solution for Tax Authorities
Tax Authorities in jurisdictions who have joined the OECD/G20’s Base Erosion and Profit Shifting (BEPS) inclusive framework can now avail of Vizor’s new Country-by-Country (CbC) Reporting module to fully meet their obligations set out under Action 13.
DUBLIN (PRWEB) FEBRUARY 11, 2018
Today, Vizor Software announced the launch of its new Country-by-Country (CbC) Reporting solution which provides a complete, secure and user-friendly solution for Tax Authorities to meet their obligations set out under Action 13 of the OECD/G20 BEPS package. The enhanced compliance checking inbuilt in the system ensures high-quality data exchanges.
CbC Reporting is an add-on module for the proven Vizor AEOI product. It extends the online web portal to allow Multinational Entities (MNEs) to register on the system and subsequently file CbC Reports. The supervisory component of the platform is then used by Tax Authority staff to approve MNE registrations, transmit CbC reports to partner jurisdictions via the Common Transmission System (CTS) and to monitor compliance within the system.
Vizor Software is already the market leader in delivering technical solutions for AEOI (CRS and FATCA) to Tax Authorities. This expertise has been refined through implementing the solution in over 10 jurisdictions across the globe and from close co-operation with the OECD.
“We are delighted to join Tax Authorities in the fight against tax avoidance which is a proven mechanism for jurisdictions to increase their revenues and promote prosperity and growth,” remarked Conor Crowley, Joint CEO of Vizor Software. “This latest module can be implemented with customers in as little as two weeks, allowing them to rapidly meet their BEPS Action 13 obligations.”
Feature highlights of the Vizor CbC Reporting solution:
- MNEs self-register on the system, the Tax Authority is immediately notified and can approve new registrants or request additional information.
- Extensive validation of CbC data, including validation against the XML schema and additional business rules such as those specified in the OECD “CbC XML User Guide” and the “CbC Status Message User Guide”.
- Automated transmission and exchange of CbC data with partner jurisdictions via the CTS with minimal intervention from the Tax Authority.
- Management reports for monitoring, tracking and reviewing information within the system including the status of exchanges with partner jurisdictions. All CbC data is available in a single, fully searchable repository, including data provided on a reciprocal basis.
- Extensive support and software upgrades included to keep customers up to date with OECD changes to CbC data schemas and business rules.
To learn more about the Vizor AEOI CbC Reporting module and how this out-of-the-box solution can help you fully meet your obligations under Action 13 of the OECD/G20 BEPS framework, please visit the Vizor website.
