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CRS & FATCA Reporting Platform

CRS & FATCA Reporting Platform

KPMG information reporting solutions

KPMG information reporting solutions

In a nutshell

In order to reinforce tax transparency, OECD member states have defined the “Common Reporting Standard“ (CRS), an agreement to share financial account holders’ information amongst participating jurisdictions on an automatic basis.

The first information exchange will take place in 2017 and will regard financial data from the 2016 financial year. In Luxembourg, financial institutions must submit their CRS reports prior to 30 June each year.

The current situation

As the volume of reportable information is expected to be dramatically higher than under FATCA, and furthermore to increase over time, manual report preparation will require tremendous effort.

How can we help?

KPMG Luxembourg has leveraged on its past experience when processing FATCA reports, but also on its unique technical expertise on FATCA and CRS and its longstanding experience on US Qualified Intermediary and EU Savings Directive advice, audit and reporting. In this context we have developed an innovative reporting solution that should enable our clients to process their CRS and FATCA reports quickly and efficiently.

This solution is in the form of a managed service whereby you can provide your relevant data to us for processing and submission. Being a Professional of the Financial Sector (PSF) under the supervision of the CSSF we guarantee that your data will only be processed in Luxembourg.

For further information, please refer to our CRS & FATCA Reporting Platform brochure (PDF | 310KB).