Luxembourg Tax Alert 2016-01 | KPMG | LU

Luxembourg Tax Alert 2016-01

Luxembourg Tax Alert 2016-01



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CRS Law in force

Following the unanimous vote by the Luxembourg Parliament on 9 December 2015 and its publication on 24 December 2015, the law of 18 December 2015 (the ‘CRS Law’) on automatic exchange of financial account information in the field of taxation entered into force end of 2015.

The CRS Law transposes into national law the Council Directive 2014/107/UE of 9 December 2014 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation (the ‘DAC 2’). The DAC 2 provides for the Member States to require their Financial Institutions to implement reporting and due diligence rules, which are fully consistent with those set out in the Common Reporting Standard (CRS) developed by the OECD.

A Grand-Ducal decree is expected to be adopted in the short term. It will define the lists of “Excluded Accounts”, “Nonreporting Financial Institutions” and jurisdictions considered to be “Participating Jurisdictions” from a Luxembourg perspective. The list of jurisdictions considered to be “Reportable Jurisdictions” by Luxembourg is expected to be published later during the year.

The following step should be for the Administration des Contributions Directes (the Luxembourg tax authorities) to issue a first administrative circular in order to provide essential guidelines to Luxembourg Financial Institutions on the CRS implementation in Luxembourg. Luxembourg has indeed committed itself to implement the automatic exchange on financial account information as from year 2017 for the period relating to 2016.


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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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