The Ministry of Finance, the Government of Belize has chosen Vizor’s, now part of Regnology, AEOI solution for Tax Authorities, to meet its obligations under the Multilateral Competent Authority Agreement (MCAA). The Agreement is a framework to standardise and facilitate the automatic exchange of financial information following with the Common Reporting Standard (CRS).
Under its CRS commitments, the Government of Belize requires reporting entities to file aspects of financial information with the country’s Income Tax Department. They will then transmit the data to partner justifications.
Ex-Vizor Software CEO, Conor Crowley said: “Vizor is proud to have been selected by Belize to ensure that it maintains the integrity of its financial and revenue systems while making the process as easy and user-friendly for the FI community as possible.”
One of the key elements for both AEOI and EOIR is a robust technology framework that allows for filing, collection, and transfer of information within set formats. Changes to these measures in 2021 means that having a strong, flexible, and scalable technological solution is key.
Tax authorities seeking to commit to and meet these standards need to consider future changes and updates. As cracking down on tax compliance gains more momentum, the information requirements will broaden and sharing obligations will become more stringent.
For example, the OECD is currently expanding its Common Transmission System (CTS) to facilitate EOIR. Previously these were all exchanged manually via post or email. Therefore, jurisdictions will need a solution to integrate with the CTS to be able to comply.
Similarly, the OECD is signalling that a review of CRS is necessary to include the rise of new financial products. A public consultation will be launched in 2021 and the OECD is asking national tax authorities to find input from industry experts on improvements and changes that might improve CRS regulations, particularly concerning the quality and usability of its data.
Software providers develop solutions that can grow further. With the right expertise and using the learnings from other organisations, we always ensure that tax authorities keep on top of changes.
Tax administrations also need a solution that can process data and go further for the next steps in data standards. Data collection and transfer will soon become the new normal and authorities will need to be able to interpret that data quickly.
The next milestone in AEOI and EOIR will be data matching, sorting, visualising, and analysing to get a better insight into taxpayer behaviour. This allows administrations to get a snapshot of company filings and a more immediate view of important information.
Software providers develop systems to ensure the collection and validation of data without service interruptions. They also provide a manual data entry option that embeds all the required validation rules and guarantees the creation of data in the right format for transmission to partner jurisdictions.
We offer a tailored solution to meet AEOI, EOIR, and other compliance requirements. Our team works to ensure tax authorities comply with the latest changes and that the technology infrastructure is scalable.
To find out more about how we can help developing countries in introducing, facilitating, and implementing international standards, please book a demo of our exchange of information solutions for tax authorities.
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