FATCA e-alert issue 2015-10

FATCA e-alert issue 2015-10

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Luxembourg FATCA reporting deadline extended to 31 July 2015

On 28 March 2014, Luxembourg signed a Model 1 IGA with the U.S. Treasury (the “Luxembourg IGA”).

The Council of Government adopted the bill n°6798 on 6 March 2015 and it was officially submitted to the Luxembourg Parliament on 27 March 2015 exactly one year after the signature of the Luxembourg IGA (the “FATCA bill of law”).

Article 2 (4) of the FATCA bill of law provides that the reporting from the Luxembourg Financial Institutions to the Luxembourg Tax Authorities, related to a given year, is due on 30 June of the following year at the latest.

The FATCA bill of law having not been formally adopted by the Parliament yet, the Luxembourg Tax Authorities confirmed on 29 May 2015 that the deadline for the FATCA reporting with respect to Financial Accounts as at 31 December 2014 was exceptionally extended to 31 July 2015 (instead of 30 June). Such exceptional extension of the legal deadline for the submission of annual FATCA reporting is granted on the basis of § 83(1) of the General Tax Law (Abgabenordnung).

 

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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.

 

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