Vizor Country by Country Reporting solution implemented by UAE Ministry of Finance

Vizor Country by Country Reporting solution implemented by UAE Ministry of Finance

Vizor Software announced that the United Arab Emirates (UAE) Ministry of Finance has implemented its AEOI Country-by-Country (CbC) reporting solution in order to facilitate the sending of CbC reports from the UAE to its partner jurisdictions. The system went live on the 15th of November in 2020 enabling the Authority to complete their first round of CbC reports which are due to be exchanged in March 2021.

His Excellency Younis Haji Al Khoori, Undersecretary of Ministry of Finance said: “The Ministry of Finance is keen to receive CbC reports from Multinational Groups of Entities (MNEs) as it will eliminate any gaps in information between the taxpayers and tax administrations about where the economic value is generated within the MNEs. Having the Vizor AEOI CbC reporting solution will also give tax authorities an overview of the company’s economic activities and global financial results.”

Given travel restrictions imposed by the COVID-19 pandemic, the project was delivered 100% remotely, facilitating the filing of CbC reports by the deadline of 31st December 2020.

‘’Not only is this our third AEOI project to be implemented 100% remotely due to the pandemic environment we are currently operating within, but it also marks our fifth country in the GCC region, a region of increasing significance for Vizor AEOI.’’, commented Mary O’Leary, Vizor’s AEOI Lead.

The Vizor AEOI solution comprises a single straightforward and extremely user-friendly software platform enabling the Tax Authority to meet its full set of international tax information sharing commitments including FATCA, CRS, CbC, ETR and soon to be Economic Substance Reporting and MDR requirements. Vizor AEOI also offers an Analytics Module enabling further data analysis and sophisticated data reporting (to comply with OECD questionnaires for aggregated statistics 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.
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