Vizor is unapproachable to work with The Bahamas, a heading general financial centre, to assistance accommodate their goals to say a well-regulated and pure environment.
May 07, 2018
Today, Vizor Software announced a partnership with a Ministry of Finance, Government of The Bahamas to use a Vizor AEOI resolution to effectively exercise a country’s OECD Common Reporting Standard (CRS) commitments for a Automatic Exchange of Information (AEOI).
On Dec 15, 2017, The Hon. Kevin Peter Turnquest, Deputy Prime Minister and Minister of Finance of The Bahamas, sealed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters origination The Bahamas a 116th office to join. On a same date, The Bahamas also sealed a Multilateral Competent Authority Agreement (MCAA), and assimilated a thorough horizon on Base Erosion and Profit Shifting (BEPS).
The Bahamas intends to use a Vizor program height to accommodate a joining underneath a CRS as good as stability to honour a sell joining underneath FATCA with a IRS. The initial CRS exchanges of information by The Bahamas to partner jurisdictions will start in Sep 2018 and continue any year thereafter.
A important underline of a Vizor AEOI resolution is an easy to use online portal, permitted by Bahamian Financial Institutions (FIs) to register and news a compulsory comment data, possibly around a primer entrance choice or around XML, to a Department of Inland Revenue. This will assistance safeguard limit correspondence from FIs in a initial year of reporting.
“Vizor is unapproachable to work with The Bahamas, a heading general financial centre, to assistance accommodate their goals to say a well-regulated and pure environment”, remarked Conor Crowley, CEO of Vizor Software.
The Vizor AEOI resolution has already been comparison by Competent Authorities in over 10 jurisdictions to accommodate their FATCA, CRS and CbC Reporting requirements. Feature highlights include:
- Financial Institution self-registration and comment creation.
- Extensive validation of CRS data, including validation opposite XML schema, validation opposite comment information, GIIN validation, and many additional business rules.
- Configuration options for using in “fully automated” mode, so small or no primer communication with a complement is compulsory by a Tax Authority.
- Management reports for monitoring, tracking, and reviewing information within a system.
- Support for destiny changes to a CRS information schemas.
- Automated sell of information with other jurisdictions.
To learn some-more about Vizor AEOI and how this out-of-the-box resolution can promote CRS or FATCA information sell for Tax Authorities in only 6 weeks, greatfully revisit a Vizor website.
For some-more information on a Ministry of Finance, Government of The Bahamas visit: http://www.taxreporting.finance.gov.bs/
Vizor Software is a tellurian personality in cross-border information sell solutions for Tax Authorities with over 10 jurisdictions carrying already implemented a resolution to promote possibly CRS and FATCA exchanges or both. With a imagination in AEOI standards, we safeguard Tax Authorities can accommodate all their general commitments for CRS, FATCA and CbC Reporting. Our proven program height can be implemented in as small as 6 weeks and is invariably upgraded to safeguard correspondence with any destiny changes to a standards. The endless validation of all submitted information severely reduces a executive weight and risk for a Competent Authority. You can learn some-more during vizorsoftware.com or by following Vizor on Twitter, LinkedIn and Google+.