We have helped several Tax Authorities in the Caribbean, meet their FATCA & AEOI obligations & look forward to working with St. Kitts & Nevis to do the same.
Ottawa, Canada (PRWEB) December 24, 2015
Today, Vizor Ltd. announced that the Government of St. Kitts & Nevis has selected the Vizor Software’s FATCA & AEOI Solution for Tax Authorities in order to meet their FATCA and AEOI obligation. 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 St. Kitts & Nevis’ FIs to register and report the required account data.
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 by September 30th, 2015. Tax Authorities should also ensure that any implemented system provides support for Automatic Exchange of Information (AEOI) with 98 other jurisdictions in 2016 and beyond.
“We are very pleased to have been selected by St. Kitts & Nevis,” remarked Conor Crowley, Managing Director and Co Founder of Vizor Software. “We have helped several Tax Authorities in the Caribbean, including the British Virgin Islands International Tax Authority and the Cayman Islands Tax Information Authority, meet their FATCA & AEOI obligations with our full-service integrated solution built from the ground up to comply with international standards and best-practices, and we look forward to working with St. Kitts & Nevis to do the same.”
To date, St. Kitts and Nevis has exchange of information relationships with 37 jurisdictions through 13 DTCs (Double Tax Conventions) and 24 TIEAs (Tax information Exchange Agreements).
To learn more about Vizor for FATCA & AEOI and how this out of the box solution can simplify FATCA & AEOI for Tax Authorities in just six weeks, please visit the Vizor website. Other Vizor products include Vizor Software for Solvency II Supervision and the company’s flagship regulatory software that has helped market conduct authorities around the world simplify and strengthen their financial regulation. Follow Vizor on Twitter and LinkedIn.
About Government of St. Kitts & Nevis
Since 2002 the Government of St. Kitts & 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 & Nevis Inland Revenue Department, please visit: https://www.sknird.com/
Vizor Software has been the standard for financial regulatory technology since 2000. Leading the way in regulatory supervision software, Vizor Software is trusted by Central Banks and Financial Regulators from around the globe for the collection, validation and analysis of highly complex data from Financial Institutions. Serving the needs of financial regulators in more than 30 countries, Vizor Software is a trusted partner of large consulting firms and leading XBRL toolset providers. Employing a collaborative, agile approach to implementing regulatory solutions, Vizor Software 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 or follow Vizor on Twitter, LinkedIn, Google+ and Pinterest.