British Virgin Islands Government Launches FATCA & AEOI Portal with Vizor Software
British Virgin Islands through its International Tax Authority (BVI ITA), went live last week with the Vizor for FATCA & AEOI solution, the “BVI Financial Account Reporting System”.
Today, Vizor Ltd. announced that BVI went live with the Vizor for FATCA & AEOI solution. The British Virgin Islands Government (BVIG) has an Agreement with the U.S. Internal Revenue Service to comply with the Foreign Account Tax Compliance Act (FATCA), a United States Government (USG) tax-reporting initiative. BVIG has also signed a similar agreement with Government of the United Kingdom (UKG) and reporting under this Agreement starts in 2016. In addition, with the Convention on Mutual Administrative Assistance in Tax Matters being extended to the BVI and the BVI adopting the Common Reporting Standards, in 2017 the BVIG will also exchange information with Tax Authorities in other jurisdictions. The intention is for BVIG to use the Vizor platform for the Exchange of Information under these Agreements.
These Agreements introduce a new reporting regime which requires BVI Financial Institutions to identify all relevant reportable accounts and report to the BVIG those relevant accounts. In turn the BVIG will transmit that information to the respective Governments. This new reporting regime is automatic and under these Agreements reporting is required on an annual basis.
The Vizor for FATCA & AEOI solution has also been implemented in other jurisdictions, including New Zealand and the Cayman Islands where more than one quarter of all global FATCA-registered financial institutions reside.
Feature Highlights of the Vizor for FATCA & AEOI solution:
Financial Institution self-registration and account creation.
Extensive validation of FATCA and CRS 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 1.1 User Guide”.
Configuration options for running in “fully automated” mode so that little or no manual interaction with the system is required for the Tax Authority.
Management reports for monitoring, tracking and reviewing information within the system.
Support for changes to FATCA and CRS data schemas
Automated exchange of information with other jurisdictions such UK and other countries that have signed up to the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters and its Common Reporting Standard from 2017.
“We are very pleased to be working with the BVIG” remarked Conor Crowley, Managing Director and Co-Founder of Vizor Software, “and we are proud to have a role in the fulfillment of their mandate to fight against tax evasion and promote tax transparency.”
About the British Virgin Islands Government
One of the world’s leading offshore financial centres, with one of the highest incomes per capita in the Caribbean the mission of BVIG is to provide strategic, economic and fiscal leadership that promotes the sustainable economic development of the Virgin Islands through Leadership, Integrity, and Service.
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 20 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.
