The Luxembourg government on 4 June 2020 announced that pursuant to an agreement reached by EU Member States, the deadlines for DAC 6 (referring to an EU directive on reporting requirements for certain cross-border transactions) and under the common reporting standard (CRS) regime are postponed in response to the coronavirus (COVID-19) pandemic.
With the postponed deadlines, an additional three months is provided to submit CRS reporting for the year 2019, and an extra six months for DAC 6—a three-month increase on the initial EC proposal of three months.
Luxembourg has opted to postpone the deadlines and is expected to issue a bill that would implement these changes in the coming weeks. The bill is also expected to include a similar concession for FATCA reporting, with deadlines expected to be pushed back by three months for the year 2019.
Until these expected legislative amendments are enacted, penalties for late transmissions of the information would not be expected to apply.
Read a June 2020 report prepared by the KPMG member firm in Luxembourg
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