For tax authorities, the benefits of choosing to buy heavily outweigh the headaches of a home grown solution.
Ottawa, Canada (PRWEB) July 22, 2014
Under the new U.S. Foreign Account Tax Compliance Act (FATCA), Foreign Financial Institutions (FFIs) will be required to report U.S. client account information to the IRS.
From March 2015, Tax Authorities in as many as 48 participating countries must implement a technical solution that will collect, collate, and distribute this data to the IRS.
Vizor, the world leader in regulatory supervision software, trusted by Central Banks and Financial Regulators for the collection and validation of highly complex data from Financial Institutions, can simplify FATCA requirements for Tax Authorities.
“In situations such as these, the build vs buy decision often arises,” says Conor Crowley, Co-founder and Managing Director of Vizor. “Choosing to “build” a non-core process typically has negative results and for Tax Authorities, the benefits of “buy” heavily outweigh the headaches of a home grown solution.”
Vizor has extensive experience providing solutions that streamline the data collection and validation process. Implementing Vizor Software will save Tax Authorities a lot of work in both the short- and long-term, it's something they can do now to prepare themselves for March 2015. As a result, Tax Authorities can focus on their core business knowing their FATCA obligations are taken care of.
Vizor simplifies FATCA for Tax Authorities as the only provider of an out-of-the-box solution that can be implemented in an eight week ‘go live’ timeline.
Unlike home grown solutions, not only does Vizor Software support current FATCA requirements, it will support similar requirements in other jurisdictions as they come on line, such as "UK FATCA". For more information about Vizor’s FATCA for Tax Authorities solution visit http://vizorsoftware.com/FATCA. You can also get the latest Vizor news by following Vizor on Twitter and LinkedIn
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 17 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. You can learn more and visit Vizor at http://www.vizorsoftware.com or by following Vizor on Twitter, LinkedIn, Google+ and Pinterest.