Basseterre, St.Kitts (March 17, 2016) :- ,Today, Vizor Ltd. announced that the Government of St. Kitts and Nevis has gone live with the Vizor for FATCA & AEOI solution. St. Kitts and Nevis has an Agreement with the U.S. Internal Revenue Service to comply with the Foreign Account Tax Compliance Act (FATCA), a United States Government (USG) tax-reporting initiative.
In addition, with St. Kitts and Nevis’ commitment to implement the new Common Reporting Standard by 2018, it will also exchange information with Tax Authorities in other jurisdictions. The intention is for St. Kitts and Nevis to use the Vizor platform for the Exchange of Information under the new standard.
The Vizor for FATCA & AEOI solution has also been implemented in other jurisdictions, including New Zealand, Cayman Islands, Saudi Arabia, and the British Virgin Islands.
Feature Highlights of the Vizor for FATCA & AEOI solution:
• Financial Institution self-registration and account creation.
• Extensive validation of FATCA and CRS data, including validation against XML schema, validation against account information, GIIN validation, and many additional business rules such as those specified in the “FATCA XML version 1.1 User Guide”.
• Configuration options for running in “fully automated” mode so that little or no manual interaction with the system is required for the Tax Authority.
• Management reports for monitoring, tracking and reviewing information within the system.
• Support for changes to FATCA and CRS data schemas.
• Automated exchange of information with other jurisdictions.
“We are proud to be helping St. Kitts and Nevis promote tax transparency and fight against tax evasion” remarked Conor Crowley, Joint CEO and Co Founder of Vizor Software.
To learn more about Vizor for FATCA & AEOI and how this out of the box solution can simplify FATCA & AEOI for Tax Authorities in under six weeks, please visit the Vizor website.
Since 2002 the Government of St. Kitts and Nevis has worked with the OECD in respect of tax information exchange, when it committed to implementing the international standards of transparency and information exchange. In 2009 the Government renewed its commitment and took necessary measures to quickly expand its EOI network. Its network for exchange of information is multiform, comprising bilateral, multilateral and unilateral mechanisms covering a total of 37 partner jurisdictions. The agreements generally follow the OECD Model TIEA, and meet the international standard. In addition, St. Kitts and Nevis is a party to the multilateral CARICOM agreement.
For more information on Government of St. Kitts and Nevis’ Inland Revenue Department, please visit: http://www.sknird.com
Since 2000 Vizor Software has been the standard for financial regulatory technology. Leading the way in regulatory supervision software, Vizor is trusted by Central Banks and Financial Regulators from around the globe for the collection and validation of highly complex data from Financial Institutions. Serving the needs of financial regulators in 30 countries, Vizor is a trusted partner of large consulting firms and leading XBRL toolset providers. Employing a collaborative, agile approach to implementing regulatory solutions, Vizor simplifies and strengthens financial regulation systems