11 September 2019

Vizor AEOI Implemented by Qatar General Tax Authority

General Tax Authority, Ministry of Finance, Qatar adopts Vizor AEOI solution for cross-border information exchange under the OECD Common Reporting Standard.

Today, Vizor Software, the market leader in cross-border information exchange solutions for Tax Authorities, announced that Qatar has implemented the Vizor AEOI solution. The General Tax Authority (GTA), a separate entity under the supervision of the Ministry of Finance, State of Qatar, is using the solution to meet its commitment to effectively implement the Automatic Exchange of Information (AEOI) standard. This includes tax sharing requirements as set out under the OECD Common Reporting Standard (CRS) and Country-by-Country (CbC) Reporting, as set out under Action 13 of the Base Erosion and Profit Shifting (BEPS) framework. In addition, The Vizor solution will be used to effectively implement the country’s Foreign Account Tax Compliance Act (FATCA) obligations.

The Vizor AEOI solution comprises a single straightforward and extremely user friendly software platform enabling the GTA to meet its full set of international tax information sharing commitments.

“Vizor is very proud to have been selected by Qatar for this project,” remarked Conor Crowley, CEO of Vizor Software. “This is our first contract award that encompassed CRS, CbC, and FATCA in a single accelerated project installation. The successful delivery in such short timelines was enabled by the maturity of the product solution and experience of the team.”

Feature highlights of the Vizor AEOI solution include:

  • Extremely user friendly and quick Financial Institution and MNE self-registration and account creation.
  • Extensive validation of CRS and FATCA data, including validation against XML schema, validation against account information and all other business rules, avoiding the need for correction of data by the Tax Authority.
  • Configuration options for running in “fully automated” mode, so little or no manual interaction with the system is required by the Tax Authority.
  • A suite of reports for monitoring, tracking and reviewing information within the system, assisting the Tax Authority with both oversight and compliance as well as tracking of entities obligations.

To learn more about Vizor AEOI and how this out-of-the-box solution can simplify FATCA, CRS and BEPS information exchange for Tax Authorities, please visit the Vizor website

For more information on the General Tax Authority, Ministry of Finance, State of Qatar, visit: https://www.mof.gov.qa/en/Pages/default.aspx

About Vizor

Vizor Software is the global leader in cross-border information exchange solutions for Tax Authorities with 16 jurisdictions having already implemented our solution to facilitate either CRS and FATCA exchanges or both. With our expertise in AEOI standards, we ensure Tax Authorities can meet all their international commitments for CRS, FATCA and CbC Reporting. Our proven software platform can be implemented in as little as five weeks and is continuously upgraded to ensure compliance with any future changes to the standards. The extensive validation of all submitted data greatly reduces the administrative burden and risk for the Competent Authority. You can learn more at vizorsoftware.com or by following Vizor on Twitter and LinkedIn.