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Today, Vizor Ltd. announced that the Government of St. Kitts and Nevis has gone live with the Vizor AEOI solution for Tax Authorities. St. Kitts and Nevis 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.
In addition, with St. Kitts and Nevis’ commitment to implement the new Common Reporting Standard by 2018, it will also exchange information with Tax Authorities in other jurisdictions. The intention is for St. Kitts and Nevis to use the Vizor platform for the Exchange of Information under the new standard.
Feature Highlights of the Vizor AEOI solution: – Financial Institution self-registration and account creation. – 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. – 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.
“We are proud to be helping St. Kitts and Nevis promote tax transparency and fight against tax evasion,” remarked Conor Crowley, Joint CEO and Co-Founder of Vizor Software.
About Government of St. Kitts and Nevis Since 2002 the Government of St. Kitts and Nevis have worked with the OECD in respect of tax information exchange when it committed to implementing the international standards of transparency and information exchange. In 2009 the Government renewed its commitment and took necessary measures to quickly expand its EOI network. Its network for exchange of information is multiform, comprising bilateral, multilateral and unilateral mechanisms covering a total of 37 partner jurisdictions. The agreements generally follow the OECD Model TIEA, and meet the international standard. In addition, St. Kitts and Nevis is a party to the multilateral CARICOM agreement. For more information on Government of St. Kitts and Nevis’ Inland Revenue Department, please visit: http://www.sknird.com