FATCA & CRS Alert 2017-04

FATCA & CRS Alert 2017-04

The Luxembourg tax authorities (“Administration des Contributions Directes” or “ACD”) issued, on 25 April 2017, a newsletter announcing the availability of the Common Reporting Standard (CRS) testing and production platforms for Luxembourg reporting financial institutions.

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Luxembourg newsletter on CRS testing and production platforms released

The Luxembourg tax authorities have issued a newsletter focusing on the Common Reporting Standard (“CRS”, also known as “Norme commune de déclaration” or “NCD”) reporting platform for Luxembourg reporting financial institutions.

The tax authorities have now made a testing and production platform available on their website.

In order to use this platform, Luxembourg financial institutions will need to go through one of the two following secured channels:

  • FUNDSQUARE with their E-File product
  • SIX PAYMENT SERVICES with their SOFIE product

Alternatively, Luxembourg financial institutions can of course use the services of an external service provider such as KPMG Luxembourg.

The Circular ECHA n°4 describes the requirements which should be used by Luxembourg reporting financial institutions for the application of the 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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