16 April 2018

Ministry of Finance, Government of Belize Select Vizor AEOI

Today, Vizor Software announced that the Ministry of Finance, Government of Belize has selected the Vizor AEOI solution for Tax Authorities to meet its obligations under the Multilateral Competent Authority Agreement (MCAA). The MCAA is a multilateral framework agreement that provides a standardised and efficient mechanism to facilitate the automatic exchange of financial information in tax matters, in accordance with the Common Reporting Standard (CRS).

Belize intends to use the Vizor platform to meet their commitment for the first exchanges in September 2018. Through its international commitment to exchange under the CRS, Belize requires reporting entities to file aspects of their clients’ financial information with the Income Tax Department of Belize, who will then transmit this to its partner jurisdictions under the standard.

A notable feature of the Vizor AEOI solution is an easy to use online portal, accessible by Belizean Financial Institutions (FIs) to register and report the required account data.

“Vizor is proud to have been selected by Belize to ensure that it maintains the integrity of its financial and revenue systems while making the process as easy and user-friendly for the FI community as possible”, remarked Conor Crowley, CEO of Vizor Software.

The Vizor AEOI solution has already been selected by competent authorities in over ten jurisdictions to meet their FATCA, CRS and CbC Reporting requirements. Feature highlights include:

  • Financial Institution self-registration and account creation.
  • Extensive validation of CRS data, including validation against XML schema, validation against account information, GIIN validation, and many additional business rules.
  • Configuration options for running in “fully automated” mode, so 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 future changes to the CRS data schemas.
  • Automated exchange of information with other jurisdictions.

Vizor AEOI is an out-of-the-box solution that simplifies CRS or FATCA information exchange for Tax Authorities in just six weeks.

For more information on the Ministry of Finance Government of Belize visit: http://www.mof.gov.bz/