FATCA and CRS Alert - Issue 2017-01 | Luxembourg Tax Alert 2017-01

FATCA and CRS Alert 2017-01 | Tax Alert 2017-01

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.

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Luxembourg administrative circular on CRS reporting schema released

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:


General Provisions

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.


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.

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