Vizor AEOI solution goes Live for CRS in Nigeria

Vizor Software today announced that The Federal Inland Revenue Service (FIRS) of Nigeria fully implemented it’s AEOI platform to manage its Automatic Exchange of Information (AEOI) commitments set out under the OECD Common Reporting Standard (CRS). CRS report filling by Financial Institutions in Nigeria started on 1st of September.

‘’We selected Vizor AEOI due to their expertise not just in the area of IT but also in international taxation obligations as well as their prior experience of working with African government authorities.’’, commented Femi Edgal from the FIRS. “Despite the obvious challenges posed by the pandemic and the new World we now operating in, thanks to the excellent cooperation on both sides, we are delighted to see the project reach Go-Live maintaining Nigeria’s position as a ‘First Mover’ in Africa for international tax exchange initiatives.’’

‘’First, this marks a momentous project with Nigeria being our first African country for CRS (we already support Angola for FATCA) and second another AEOI project delivered 100% remotely (the first being Oman), clearly embracing the new environment in which we are all operating.’’, commented Mary O’Leary, Vizor’s AEOI Business Development Manager.

The Vizor AEOI solution comprises a Custom Off The Shelf (COTS) solution enabling tax authorities to meet its full set of international tax information sharing commitments including FATCA, CRS, CbC, ETR and soon to be Economic Substance Reporting requirements. Vizor AEOI also offers an Analytics Module enabling further data analysis and sophisticated data reporting (to comply with OECD questionnaires for example).

Feature highlights of the Vizor AEOI solution include:

• Extremely user friendly and quick Financial Institution and Multinational Entity self-registration and account creation.
• Extensive validation of CRS, CbC, ETR 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 officials of 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.
• Full support for future changes to any of the tax exchange obligation schemas.