Cayman Islands Tax Information Authority (TIA) Launch FATCA Solution with Vizor Software
The Tax Information Authority of the Cayman Islands, the country with the highest number of financial institutions registered with the Internal Revenue Service under United States FATCA, recently went live with the Vizor Software for FATCA & AEOI solution in order to meet their FATCA obligations.
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.”
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).
About Vizor
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.
