28 June 2018

Federal Board of Revenue, Government of Pakistan Select Vizor for AEOI

Today, Vizor Software announced that the Federal Board of Revenue (FBR), Government of Pakistan has selected the Vizor AEOI solution for Tax Authorities to meet its commitment to effectively implement the Automatic Exchange of Information (AEOI) standard. These include the OECD Common Reporting Standard (CRS) and the Country-by-Country (CbC) Reporting, as set out under Action 13 of the BEPS framework.

On 14 September 2016, Senator Mohammad Ishaq Dar, Minister of Finance and Revenue of Pakistan signed the Convention on Mutual Administrative Assistance in Tax Matters (MAAC), sending a strong signal of its commitment to fight offshore tax evasion and avoidance. Morevover, Pakistan is also a Member of the BEPS inclusive framework and as such will automatically exchange CbC Reporting as required by Action 13 of the framework.

The Vizor AEOI solution includes support for all AEOI requirements. This allows the FBR to use a single software platform to meet its full set of international commitments under the Multilateral Convention in a short timeframe. First exchanges of information by Pakistan to partner jurisdictions will commence on 30 September 2018.

Vizor is proud to have been selected by Pakistan for this project”, remarked Conor Crowley, CEO of Vizor Software. “*With over ten jurisdictions already using the Vizor AEOI solution, our team has the depth of experience needed to help Pakistan meet its go-live commitments this year.*”

Feature highlights of the Vizor AEOI solution include:

  • Financial Institution and MNE self-registration and account creation.
  • Extensive validation of CRS data, including validation against XML schema, validation against account information, and many additional business rules.
  • Configuration options for running in “fully automated” mode, so little or no manual interaction with the system is required by the Tax Authority.
  • A proven product to fully meet Competent Authority obligations under Action 13 of the OECD BEPS framework.
  • Support for future changes to the CRS and CbC data schemas.

Vizor AEOI is an out-of-the-box solution that can simplify CRS, CbC or FATCA information exchange for Tax Authorities in just five weeks.

For more information on the Federal Board of Revenue, Government of Pakistan visit: http://www.fbr.gov.pk/