A complete and automated AEOI solution for Tax Authorities

Vizor AEOI

Vizor AEOI provides 100% of the functionality required for effective AEOI as required either in compliance with the Common Reporting Standard (CRS) or the Foreign Account Tax Compliance Act (FATCA). With a product specifically aimed at cross-border information sharing for Tax Authorities, Vizor offers ongoing support and continuously upgrades its software ensuring compliance with any future changes to the standards for AEOI. An add-on module is available for Country-by-Country (CbC) Reporting with additional modules planned for Exchange of Tax Rulings (ETR) and Exchange of Information on Request (EOIR).

The Problem

Jurisdictions who have agreed to the Automatic Exchange of Information (AEOI) must implement a technical solution that automates the timely and secure collection, validation, collation and automatic exchange of data. A self-registration portal is also required to ease adoption for Financial Institutions (FIs) and reduce the administrative burden on the Tax Authority. Given the speed of change in regulation and standards, Competent Authorities need a comprehensive solution that keeps pace with these changes.

The Solution

Vizor has unrivalled expertise in the new AEOI standards and with over 12 jurisdictions as customers, we have widest project experience in implementing a technical solution for AEOI. The solution is fully implemented in 6 weeks based on a proven software product and a standard implementation process. The high level of automation and back-end processing in the Vizor solution unburdens the Tax Authority personnel of the administration overhead associated with AEOI.

Key Features

  • Meet international tax information exchange commitments A proven product to meet your CRS and/or FATCA commitments with a standard 6 week implementation time. Enhanced compliance checking and validation of data ensuring high-quality and secure data exchanges.
  • Vizor expertise in the AEOI standards Vizor is an expert in the AEOI standards and this expertise has been refined from working with over 12 jurisdictions across the globe. This detailed knowledge, both in terms of IT and tax expertise, on the practical implementation of the standards ensures a successful outcome for your project.
  • Future proofed against changes in the standards Vizor continuously upgrades its software to ensure compliance with any future changes to the standards for AEOI as well as keeping in line with future tax developments.
  • Reduce the administrative burden on the Competent Authority Robust validation of submitted data on the FI portal combined with a complete suite of back-end processing improves automation and reduces the administrative burden on the Competent Authority. This includes enrolment, notifications, file packaging, nil reporting and declarations.
  • Support for Financial Institutions to ease adoption Our standard project plan includes outreach to other stakeholders to ensure a successful implementation. Vizor can also run an FI knowledgebase and FI helpdesk which has been adopted in certain jurisdictions.

Product Highlights

Financial Institution Enrolment

  • Allow FIs to enrol with the Tax Authority by completing an enrolment form.
  • Allow FIs to enter information including name GIIN number, and details of the Appointed Person who will file the CRS and/or FATCA filings on behalf of the FI.
  • Approve or reject a submitted enrolment form.
  • Approving an enrolment form automatically creates an FI in the system and sets up a user account so that CRS and/or FATCA filings can be filed securely.

Financial Institution Filings

  • Vizor AEOI supports two methods of collecting data from FIs.
    • Upload data in XML format – typically for larger FIs.
    • Manual data entry into specially designed web forms – typically for smaller FIs.
  • Validate XML file uploads before submission to the Tax Authority for authorisation.
    • XML file is fully validated against the XSD file published by the OECD for CRS or the IRS for FATCA filings.
    • Email notifications sent automatically if the submission fails.
  • Automatic submission of filing if both sets of validation produce no errors.
  • Once filing has passed, automatically notify FI of submission acceptance.

Transmission of Filings to the CTS or IDES

  • Automated CRS Data Packet preparation.
    • Automated transfer of the CRS Data Packet to the recipient jurisdiction inbox on the CTS.
    • A copy of the instructions from the status message automatically placed in the Filing.
  • Transmit FATCA Data Packets to and receive data from IDES.
    • Automated FATCA Data Packet preparation.
    • Automated transfer of the FATCA Data Packet to IDES.
    • Automated handling of IRS ICMM notifications.
  • Automatic encryption on all transmission systems.