15 August 2018

Vizor AEOI Selected by the General Tax Administration Angola

Angola is Vizor Software’s first contract award with an African AEOI jurisdiction.

Today, Vizor Software announced the contract award by the General Tax Administration, Ministry of Finance, Government of Angola (AGT) 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 most notable feature of the solution is an online portal easily accessible by Angolan FIs to register and report the required account data.

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.

Signed in Luanda, Angola on November 30th, 2015, the US-Angola IGA sees FATCA requirements brought into domestic law, under the jurisdiction of the AGT, Ministry of Finance. Angolan Financial Institutions 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 AGT who will, in turn, report the information to the IRS.

Feature Highlights of the Vizor AEOI solution:

  • Financial Institution self-registration and account creation.
  • Extensive validation of FATCA 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 2.0 User Guide” published by the IRS.
  • Configuration options for running in “fully automated” mode; little or no manual interaction with the system is required by the Tax Authority.
  • Management reports for monitoring, tracking and reviewing information within the system.
  • Support for the FATCA data schema as it changes over time.
  • Automated exchange of information with the IRS.

Vizor AEOI is an out-of-the-box solution that can simplify FATCA, CRS and BEPS information exchange for Tax Authorities.

For more information on the Ministry of Finance, Government of Angola visit: http://www.agt.minfin.gov.ao