Applies to: AEOI
|Warning: Please be aware that there might be small differences between your project implementation and the screenshots and information in this article, however, the overall functionality remains the same.|
This article is an overview of the Validation Rule on Tax Residency.
To ensure all filings are compliant with OECD CRS and CbC reporting standards, a full suite of validation rules are applied to each filing on submission.
If any errors in a filing are detected, the filing remains in draft mode and filings cannot be submitted until all errors relating to the filing are corrected.
The Rule Name and violation are clearly shown in Vizor Portal when an error is encountered, while the comments in the “Additional Comments” column are only intended to provide further clarification and guidance, where applicable.
If all filing rules run against a submission pass, the filing can be submitted. Its consistent and compliant with OECD CRS filing standards.
Country by Country Reporting submissions also have a set of validation rules. Country by Country Reporting is covered in a latter module.
Scenario 1: Tax Residence validation error
In this scenario, we are going to examine the issue if the Tax residence validation error occurs in a Manual Filing.
Click on Edit on the General Information,
You will be presented with the editable form for data entry. Note that in this case we are going to choose Cayman Islands as the Receiving county.
Click Validate & Save to both perform some basic validation as well as save this form. Note that the receiving country is restricted to only include the list of reportable jurisdictions.
To complete the remainder of the filing, select the Add Section icon next to CRS Report to generate a CRS Report folder.
Each CRS filing should only contain a single CRS Report folder, as they should include accounts for a single Reporting Financial Institution.
Select the Edit link beside the Reporting FI Information form to enter data.
You should be presented with the editable Reporting FI Information form for data entry.
In this case, we are going to ensure Bremuda is selected for both the Reporting FI Tax Residence value as well as the Country value assigned to the address for the reporting Financial Institution.
Ensure to click validate and save
Select the Add Section icon next to the Account Information section to add an account.
Important Note: A separate Account Information form is required for each reportable account being submitted for the receiving country.
When returning to the Draft Filings page, you will need to expand the CRS Report Folder (using the “+” icon) to see all forms.
We’ll also ensure that Bermuda is selected under Tax Residence and choose a sample name and an entity identification number.
In the above case, we are using a dummy entity identification number as we are going to reproduce a validation error for testing purposes.
Supply Account type information
We’ll supply some sample account type information. Again its important to click Validate & Save.
It is also possible to click Save As Draft if you wish to return to the filing later and review or make changes. When you are ready to submit the filing however, you must click Validate & Save for each form.
The following validation error should be received
To solve this issue, we can access the draft filing once again (by selecting Draft filings from the main menu).
An error icon should be clearly visible within the table associated with the filing we are trying to submit.
Clicking on this icon should always display any validation errors associated with the filing.
Edit the Account Information
Change the Tax Resident Country to Cayman Islands
Once the filing has been submitted, an email confirmation message should be received by the filer.
A notification should also be created within the home page of Vizor Portal which can be dismissed at any time. Further scenarios within this module show examples of notifications.
Last review date: 7th October 2021
Author: Alan Joyce
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