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.
Ottawa, Canada (PRWEB) March 31, 2015
Today, Vizor Ltd. announced The Cayman Islands Tax Information Authority (TIA) went live with the Vizor for FATCA & AEOI solution. The new Vizor system helps gather FATCA returns from financial institutions (FIs) and facilitates the production of an extract for transmission to the United States Internal Revenue Service (IRS). The most notable feature of the solution is an online portal accessed by Cayman FIs to register and report the required account data.
The Foreign Account Tax Compliance Act (FATCA) requires Tax Authorities in counties with a signed Model 1 Intergovernmental Agreement (IGA) with the US, to report information to the IRS by September 30th, 2015. Tax Authorities should also ensure any implemented system provides support for Automated Exchange of Information (AEOI) with 98 other jurisdictions in 2016 and beyond.
“According to the IRS, almost 30,000 financial institutions registered under FATCA come from the Cayman Islands,” remarked Conor Crowely, Managing Director and Co Founder of Vizor Software. “Though we are trusted by Financial Regulatory Authorities around the world for the collection and validation of highly complex data from Financial Institutions, it is certainly an honour to be working with a Tax Authority with such a significant role in the growing world of international tax information exchange.”
To learn more about Vizor Software, including Vizor for FATCA & AEOI and Vizor for Solvency II, please visit the Vizor website, and follow Vizor on Twitter and LinkedIn.
About Cayman Islands Tax Information Authority
As the sole, dedicated channel in the Cayman Islands for international co-operation on matters involving the provision of tax-related information, the Tax Information Authority has statutory responsibility in the areas of tax information assistance under the Tax Information Authority Law (2013 Revision) and reporting of savings income information under the Reporting of Savings Income Information (European Union) Law (2007 Revision).
For more information on Cayman Islands Tax Information Authority, please visit: http://www.tia.gov.ky
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 more than 25 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.
To learn more about how Vizor Software can help your tax authority meet FATCA and AEOI reporting obligations, please contact us, visit the Simplifying FATCA & AEOI for Tax Authorities webpage