Today’s business environment is a highly dynamic one, marked by close regulatory attention and rapid technological development, and so in this newsletter we want to help you test how complaint your organization is with operational taxes.
Operational taxes are the withholding taxes (WHT), transactional taxes, and compliance obligations (due diligence and tax/investor reporting) that exist under the US Qualified Intermediary (QI), FATCA and CRS regimes, as well as US tax compliance requirements. Below you will find our 5-question checklist, designed to help you determine to what extent your organization is compliant.
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KPMG Luxembourg has built a broad range of tools and managed services to help financial institutions face their operational tax compliance challenges.
Qualified Intermediary | FATCA and CRS | US Tax compliance |
---|---|---|
Healthcheck: Standardized review of compliance | Healthcheck: Standardized review of compliance |
PFIC Reporting: For certain Luxembourg entities with US investors |
Reporting: Annual 1042-S electronic reporting |
Classification: Determining FATCA/CRS status |
Tax reclaim: Simplified reclaim of US withholding tax |
Tax Return: 1042 Validation tool |
Reporting: Annual reporting to the Luxembourg tax authorities |
K-1: statements: For partnerships reporting the partner’s income |
Training: Online or onsite training (as per QI Compliance Program) |
AEoI Tracker: Status in multiple jurisdictions |
871(m) Compliance |
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