On 20 February 2020, the draft law no. 7527 was published amending the legislations related to the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS) in Luxembourg. It can be viewed here.
We have summarized the essential features of the new draft law below.
As a reminder, the reporting deadline is 30 June 2020 for the 2019 reporting year.
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.
© 2020 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.