The Luxembourg tax authorities (“Administration des Contributions Directes” or “ACD”) issued on February 6, 2017 the administrative circular ECHA – n°4 introducing the Common Reporting Standard (CRS) reporting schema for Luxembourg Reporting Financial Institutions.
The Luxembourg tax authorities issued the administrative circular ECHA – n°4 focusing on the Common Reporting Standard (“CRS” also known as “Norme commune de déclaration” or “NCD”) schema in Luxembourg.
The key information from the ECHA – n°4 can be summarized as follows:
This circular has been issued in order to ensure the proper implementation of the law of December 18, 2015 enacting CRS in Luxembourg.
The ECHA – n°4 defines the format which should be used by the Luxembourg Reporting Financial Institutions for all their exchanges of information with the ACD.
In addition to this circular, some XML sample files and some XSD for CRS have been published on the ACD Website.
It should also be noted that a testing platform for the XML files will be available on April 2017 but no real data should be used when testing files and no data will be stored.
The circular also confirms that nil returns are not mandatory for CRS.
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