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FATCA & CRS Alert 2021-01

FATCA & CRS Alert 2021-01

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Jean Kizito

Associate Partner, Financial Services Tax

KPMG in Luxembourg

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New XSD schema for FATCA and CRS

The Luxembourg tax authorities issued a reminder that, as from 6 January 2021, the new versions of XSD schema for data message and status message are in force in the production environment for FATCA and common reporting standard (CRS) purposes.

As a consequence, any FATCA or CRS report generated in accordance with the former formatting rules will be rejected by the Luxembourg tax authorities.

As a general comment, we would like to remind you that new versions of the FATCA Technical Guidance (circular from the ECHA director of contributions - n ° 3 of 10 August 2020) and of the CRS Technical Guidance (circular of the ECHA - n ° 4 of 10 August 2020) have been released to provide detailed instructions about the changes in the schema.

The new XSD schemas, technical circulars and example XML files are published on the Luxembourg Tax Administration’s website under the headings "CRS" and "FATCA"

Contact

Jean Kizito
Associate Partner, Financial Services Tax
Tel.: +352 22 51 51 5492
E-mail: jean.kizito@kpmg.lu


Ulrike Menn
Director
Tel.: +352 22 51 51 5538
E-mail: ulrike.menn@kpmg.lu

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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