29 November 2018

November AEOI Newsletter

Government of Kuwait Expands use of Vizor AEOI Solution

Recently, the Ministry of Finance Kuwait went 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 successfully completed in September 2018.

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39th Annual CATA Technical Conference

Vizor’s AEOI Business Development Manager, Mary O’Leary, presented on “Data Security in the World of Exchange of Information” at the 39th Annual Commonwealth Association of Tax Administrators (CATA) Technical Conference. This year’s event took place in Nadi, Fiji. CATA helps members in 46 countries to develop effective tax administrations that promote sustainable development and good governance.

Bahamas Meets Tax Exchange Deadlines

The Government of The Bahamas met the September 30 deadline to begin automatic tax information exchange with some 35 partner jurisdictions thus meeting their CRS commitments for AEOI. “Vizor committed all of their resources to ensure we met the deadline, including sending technical advisors from Ireland to The Bahamas,“ commented K Peter Turnquest, Deputy Prime Minister.

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CIAT International Taxation Network Meeting

At the Inter-American Center of Tax Administrations (CIAT), International Taxation Network Meeting in Guatemala, Mary O’Leary presented “New Technology for a Globalised Tax World”. She reviewed how technology has underpinned the rapid acceleration in tax transparency and profiled how Competent Authorities have leveraged technology advances to gain speed, efficiency and ensure confidentiality of exchanges.

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Panamanian Financial Institution Briefing Assists in Achieving 2018 CRS Exchange Deadline

Vizor provided an update on the Common Reporting Standards implementation directly to the Financial Institution community in Panama, leading the workshop session on the technical functionality of the system. Panama’s Tax Authority reported in early October that approximately 660 reports from 337 financial entities made up the first automatic exchange of information made by Panama to meet OECD global fiscal transparency standards.

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Support Centre for FIs and MNEs

Entity Support Centre from Vizor provides a complete managed service to support your FIs and MNEs. It includes a helpdesk specifically designed for end users and staffed by Vizor. It incorporates modern tools and how-to videos created by experts. The support centre has been developed based on extensive experience gained from supporting thousands of users around the world. Watch this short video to learn more about this offering.

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