Vizor AEOI provides 100% of the functionality required for effective AEOI as required in compliance with the CRS or FATCA.Find Out More
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Today, Vizor Software announced the contract awarded by the Guyana Revenue Authority (GRA) for the Vizor AEOI solution to effectively implement the country’s FATCA obligations.
The Vizor solution will be used to gather FATCA returns from financial institutions (FIs) and facilitate the production of an extract for transmission to the US Internal Revenue Service (IRS).
The Foreign Account Tax Compliance Act (FATCA) requires Tax Authorities in countries with a signed Model 1 Intergovernmental Agreement (IGA) with the US, to report information to the IRS.
“We were looking for a FATCA solution that was mature and proven and were impressed with the level of automation Vizor AEOI could bring, streamlining the end-to-end process of filings with the IRS”, commented the EOI Implementation Team – Guyana Revenue Authority.
Signed at the Ministry of Finance in Georgetown, Guyana on 17th October 2016, the US-Guyana IGA allows for the exchange of banking and tax information for citizens residing in both countries as foreign nationals and required the Government of Guyana to amend Section 63 of the Financial Institutions Act, to designate the GRA as the competent Authority, on behalf of the Government of Guyana.
FIs are thus required to undertake certain due diligence and verification procedures to identify accounts held by US persons and report information on these accounts to the GRA who will, in turn, report the information to the IRS.
Feature Highlights of the Vizor AEOI solution: