Today, Vizor Software announced the contract awarded by the Guyana Revenue Authority (GRA) for the Vizor AEOI solution to effectively implement the country’s FATCA obligations.
The Vizor solution will be used to gather FATCA returns from financial institutions (FIs) and facilitate the production of an extract for transmission to the US Internal Revenue Service (IRS).
The Foreign Account Tax Compliance Act (FATCA) requires Tax Authorities in countries with a signed Model 1 Intergovernmental Agreement (IGA) with the US, to report information to the IRS.
“We were looking for a FATCA solution that was mature and proven and were impressed with the level of automation Vizor AEOI could bring, streamlining the end-to-end process of filings with the IRS”, commented the EOI Implementation Team – Guyana Revenue Authority.
Signed at the Ministry of Finance in Georgetown, Guyana on 17th October 2016, the US-Guyana IGA allows for the exchange of banking and tax information for citizens residing in both countries as foreign nationals and required the Government of Guyana to amend Section 63 of the Financial Institutions Act, to designate the GRA as the Competent Authority, on behalf of the Government of Guyana.
FIs are thus required to undertake certain due diligence and verification procedures to identify accounts held by US persons and report information on these accounts to the GRA who will, in turn, report the information to the IRS.
Feature Highlights of the Vizor AEOI solution:
- Financial Institution self-registration and account creation.
- Extensive validation of FATCA 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 2.0 User Guide” published by the IRS.
- Configuration options for running in “fully automated” mode; 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 by the competent authority.
- Support for the FATCA data schema as it changes over time to ensure the solution is always fully in line with international exchange standards.
- Automated exchange of information with the IRS.
To learn more about Vizor AEOI and how this out-of-the-box solution can simplify FATCA, CRS and BEPS information exchange for Tax Authorities, visit the Vizor website
Vizor Software is the global leader in cross-border information exchange solutions for Tax Authorities with over 15 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 information sharing requirements under the BEPS package. Our proven software platform can be implemented in as little as five 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 and LinkedIn.
