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Grand-Ducal regulation on CRS implementation

Grand-Ducal regulation on CRS implementation



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The Grand-Ducal regulation dated 23 July 2016 amending the Grand-Ducal regulation of 15 March 2016 implementing article 2 §4 of the law of 18 December 2015 regarding the Common Reporting Standard (CRS) has been published.

The key information from this Grand-Ducal regulation is the issuance of the updated list of Participating Jurisdictions for CRS purposes in Luxembourg according to Annex 1 Section VIII D) 5) of the law of 18 December 2015 regarding CRS.

As the updated list of Participating Jurisdictions that have signed the Multilateral Competent Authority Agreement on automatic exchange of financial account information in the context of CRS released by the OECD on 3 June 2016 should cover all of the signatories of the aforementioned Agreement, it needed to be supplemented by an amendment of the applicable regulation. Therefore, Luxembourg added Israel, Saint Kitts and Nevis, and Russia to the list of Participating Jurisdictions.

In addition, the United States of America was removed from the Participating Jurisdictions list established by the prior Grand-Ducal regulation.

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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