Angola is Vizor’s first project with an African AEOI jurisdiction.
DUBLIN (PRWEB) August 15, 2018
Today, Vizor Software announced the contract award by the General Tax Administration, Ministry of Finance, Government of Angola (AGT) 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 most notable feature of the solution is an online portal easily accessible by Angolan 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.
Signed in Luanda, Angola on November 30th, 2015, the US-Angola IGA sees FATCA requirements brought into domestic law, under the jurisdiction of the AGT, Ministry of Finance. Angolan Financial Institutions 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 AGT 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.
- Support for the FATCA data schema as it changes over time.
- 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, please visit the Vizor website
For more information on the Ministry of Finance, Government of Angola visit: http://www.agt.minfin.gov.ao
Vizor Software is the global leader in cross-border information exchange solutions for Tax Authorities with over 14 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, LinkedIn and Google+.