Vizor’s Solution for FATCA & AEOI selected by the Government of Bermuda, Ministry of Finance
26 June 2017
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.
Dublin, Ireland, June 26, 2017
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.
About Government of Bermuda, Ministry of Finance
The Ministry of Finance supervises the economy of Bermuda generally and provides an overall framework for the financial management and control of government activities and finances. The Accountant General, Social Insurance, Office of the Tax Commissioner, and the Customs Tariff and Duty Collections departments fall under the Ministry’s authority. The Minister of Finance also has responsibility for the National Pensions Commission and the Bermuda Monetary Authority.
For more information on Government of Bermuda, Ministry of Finance, please visit: https://www.gov.bm/ministry/finance
Vizor Software has been the standard for financial regulatory technology, since 2000. Vizor is the global leader in enterprise software for financial regulation and cross-border information exchange for Tax Authorities. Vizor is trusted by Central Banks, Financial Regulators and Tax Authorities from around the globe for the collection, validation and analysis of highly complex data from Financial Institutions. Serving the needs of Financial Regulators and Tax Authorities in 30 countries, Vizor simplifies and strengthens financial regulation and tax information exchange systems.
To learn more about how Vizor Software can help your tax authority meet FATCA and CRS reporting obligations, please contact us, visit the Simplifying FATCA & AEOI for Tax Authorities webpage, or follow Vizor on Twitter, LinkedIn, Google+ and Pinterest.