FATCA e-alert Issue 2014-05 | KPMG | LU

FATCA e-alert Issue 2014-05

FATCA e-alert Issue 2014-05

1000

Contact

Related content

Luxembourg and US agree on substance of IGA Model 1

Today, the Luxembourg Ministry of Finance has announced that on 27 February 2014 the Luxembourg and United States negotiating teams have agreed on the substance of the future Model 1 Agreement between the Government of the Grand Duchy of Luxembourg and the Government of the United States of America to improve International Tax Compliance and with respect to the United States information reporting provisions commonly known as the Foreign Account Tax Compliance Act (FATCA).

With the English text version finalized, the two sides will now validate the French version of their agreement in order to allow for the signature of the IGA by both sides as soon as possible, followed, on the Luxembourg side, by the procedure of parliamentary approval.

The announcement of the Luxembourg Ministry of Finance also welcomes the recent conclusion of work at the OECD aiming at the creation of a true global standard to ensure a level playing field among all major financial centers in the world in respect of automatic exchange of information in general.

 

For further information, please do not hesitate to contact us.

 

 

 

 

 

 

 

 

 

 

 

 

 

Any tax advice in this communication is not intended or written by KPMG to be used, and cannot be used, by a client or any other person or entity for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing, or recommending to another party any matters addressed herein.The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

 

 

Connect with us

 

Request for proposal

 

Submit