Vizor Software’s Solution for FATCA & AEOI Selected by the Government of Bermuda, Ministry of Finance Treaty Unit
Global leader in cross-border information exchange for Tax Authorities has been selected by the Government of Bermuda, Ministry of Finance, Treaty Unit to meet Common Reporting Standards.
Today, Vizor Ltd. announced the Government of Bermuda, Ministry of Finance, Treaty Unit has selected the Vizor for FATCA & AEOI Solution for Tax Authorities.
Bermuda was the first UK Overseas Territory to have an agreement with the Organisation for Economic Co-operation (OECD) under the Multilateral Competent Authority Agreement (MCAA) for the Exchange of ‘Country by Country’ Reports (CbC), and was among the first group of jurisdictions in the world to become an Early Adopter of OECD’s other automatic exchange of tax information regime: the ‘Common Reporting Standard’ (CRS).
Through CRS, Bermuda requires reporting entities to file aspects of their clients’ financial information with the Ministry of Finance.
The intention is for Bermuda to use the Vizor platform for the exchange of information under CRS for 2016 year information to share with Bermuda’s CRS partners by September 30th, 2017, thus meeting their reporting obligations under the MCAA for CRS.
“It is an honour to be working with a Tax Authority with such a significant role in the growing world of international tax information exchange,” commented Conor Crowley, Joint CEO of Vizor Software.
The Vizor for FATCA & AEOI solution has also been selected by many jurisdictions, including New Zealand, Saudi Arabia, and Kuwait
Feature Highlights of the Vizor for FATCA & AEOI solution:
- Financial Institution self-registration and account creation.
- Extensive validation of CRS data, including validation against XML schema, validation against account information, GIIN validation, and many additional business rules.
- Configuration options for running in “fully automated” mode, so little or no manual interaction with the system is required by the Tax Authority.
- Management reports for monitoring, tracking and reviewing information within the system.
- Support for changes to the CRS data schemas.
- Automated exchange of information with other jurisdictions.