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Today, Vizor Ltd. announced The Cayman Islands Tax Information Authority (TIA) went live with the Vizor AEOI solution for Tax Authorities. 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 Crowley, CEO 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 the 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).
For more information on the Cayman Islands Tax Information Authority, please visit: http://www.tia.gov.ky