22 November 2018

Bahamas Meets Tax Exchange Deadlines with Vizor AEOI Solutions

Ministry of Finance, Government of The Bahamas “go live” with the Vizor AEOI solution for cross-border information exchange under the OECD Common Reporting Standard

Today, Vizor Software announced that the Government of The Bahamas met the September 30th deadline to begin automatic exchange of tax information (AEOI) with 35 partner jurisdictions, thus meeting the county’s OECD Common Reporting Standard (CRS) commitments for AEOI. The integrated reporting application from Vizor includes an online portal where Bahamian financial institutions (FIs) submit compliance data.

"We worked diligently with Vizor to iron out the various challenges,” commented K. Peter Turnquest, Deputy Prime Minister. "They committed all of their resources to ensure we met the deadline, including sending technical advisors from Ireland to The Bahamas. The co-operation of all our financial institutions is also commendable; their co-operation and commitment to fulfilling their reporting obligations speaks volumes about the high standards we maintain in the jurisdiction."

The Ministry of Finance has extended the use of the Vizor software platform, initially implemented in 2017 to satisfy FATCA requirements with the additional CRS capability.The successful project has resulted in an integrated system to submit and process tax compliance data, supporting all of The Bahamas’ AEOI needs.

“We were delighted to work with the experienced exchange of information team in The Bahamas”, commented Conor Crowley, CEO, Vizor. “This successful project showcases the opportunity for Competent Authorities to deliver greater efficiency and customer satisfaction by upgrading to a Vizor solution.”

Vizor AEOI is out-of-the-box solution that simplifies FATCA, CRS and BEPS information exchange for Tax Authorities.

For more information on the Ministry of Finance, Government of The Bahamas visit: http://www.taxreporting.finance.gov.bs/