Luxembourg signed a FATCA (Foreign Account Tax Compliance Act) Model 1 IGA with the United States for the exchange of tax information.
The Luxembourg government set up with the IGA a legal framework compelling all Luxembourg Financial Institutions to comply with a set of due diligence, withholding and reporting requirements.
Pursuant to the agreement, FATCA rules apply to all Luxemburg financial and non-financial entities. This is irrespective of whether they have US investors or no US investors, whether they have US or only non-US investments.
Complying with the FATCA rules will not only be a major compliance task to fulfill due to extended information reporting but will also influence your business strategy and the markets you serve.
Now that the IGA has been released, we can help you achieve smart Luxembourg compliance towards FATCA, we focus on all you need, not more, not less.
© 2021 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.