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Today, Vizor Software announced that the Ministry of Finance, Kuwait has gone live with the Vizor AEOI Solution to effectively implement the country’s OECD Common Reporting Standard (CRS) commitments for the Automatic Exchange of Information (AEOI).
Kuwait has extended the use of the Vizor software platform, initially implemented in 2017 to satisfy FATCA requirements with the additional CRS capability. The first CRS exchanges of information by Kuwait to partner jurisdictions are expected to occur in September 2018 and continue each year after that.
Kuwaiti Financial Institutions (FIs) will access the same online portal, built by Vizor Software, to register and report the required CRS AEOI account data, either via a manual entry option or via XML, to the Ministry. Extending the existing easy-to-use submission portal as well as a host of inbuilt business rules to ensure that only data in line with the standard is submitted, will ensure maximum compliance from FIs in the first year of reporting.
“Ministry of Finance in Kuwait were one of our first AEOI customers, where we successfully implemented both FATCA as well as CRS systems in cooperation with Baker Tilly member firm in Kuwait. We are delighted to continue to support them with this new project. Our ongoing product investment ensures we offer the most complete solution for Tax Authority exchange-of-information needs,” remarked Conor Crowley, CEO of Vizor Software.
Vizor AEOI is an out-of-the-box solution that ensures timely and correct CRS or FATCA information exchange for Tax Authorities in as little as three weeks.