Ministry of Finance, Government of Belize Select Vizor AEOI
16 April 2018
Ministry of Finance, Government of Belize selects Vizor AEOI solution for cross-border information exchange under the OECD Common Reporting Standard
Dublin, Ireland, April 16, 2018
Today, Vizor Software announced that the Ministry of Finance, Government of Belize has selected the Vizor AEOI solution for Tax Authorities to meet its obligations under the Multilateral Competent Authority Agreement (MCAA). The MCAA is a multilateral framework agreement that provides a standardised and efficient mechanism to facilitate the automatic exchange of financial information in tax matters, in accordance with the Common Reporting Standard (CRS).
Belize intends to use the Vizor platform to meet their commitment for the first exchanges in September 2018. Through its international commitment to exchange under the CRS, Belize requires reporting entities to file aspects of their clients’ financial information with the Income Tax Department of Belize, who will then transmit this to its partner jurisdictions under the standard.
A notable feature of the Vizor AEOI solution is an easy to use online portal, accessible by Belizean Financial Institutions (FIs) to register and report the required account data.
“Vizor is proud to have been selected by Belize to ensure that it maintains the integrity of its financial and revenue systems while making the process as easy and user-friendly for the FI community as possible”, remarked Conor Crowley, CEO of Vizor Software.
The Vizor AEOI solution has already been selected by competent authorities in over ten jurisdictions to meet their FATCA, CRS and CbC Reporting requirements. Feature highlights include:
• 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 future changes to the CRS data schemas.
• Automated exchange of information with other jurisdictions.
To learn more about Vizor AEOI and how this out-of-the-box solution can simplify CRS or FATCA information exchange for Tax Authorities in just six weeks, please visit the Vizor website.
For more information on the Ministry of Finance Government of Belize visit: https://www.mof.gov.bz/
Vizor Software is the global leader in cross-border information exchange solutions for Tax Authorities with over 10 jurisdictions having already implemented our solution to facilitate either CRS and FATCA exchanges or both. With our expertise in AEOI standards, we ensure Tax Authorities can meet all their international commitments for CRS, FATCA and CbC Reporting. Our proven software platform can be implemented in as little as six weeks and is continuously upgraded to ensure compliance with any future changes to the standards. The extensive validation of all submitted data greatly reduces the administrative burden and risk for the Competent Authority. You can learn more at vizorsoftware.com or by following Vizor on Twitter, LinkedIn and Google+.