Luxembourg: FATCA and CRS legislation passed

Luxembourg: FATCA and CRS legislation passed

The Luxembourg Parliament on 18 June 2020 passed bill 7527 to enact into Luxembourg domestic tax law the common reporting standard (CRS) and FATCA rules.


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In summary, the new FATCA and CRS measures:

  • Make CRS “nil returns” mandatory
  • Increase the penalties in instances of non-filing or late filing of return, increased to €10,000 (from €1,500) in addition to the existing penalties
  • Require financial institutions to provide evidence adequately showing due diligence procedures are in place and performed
  • Authorizes the tax authorities to conduct an audit within a 10-year time limit

Read a June 2020 report prepared by the KPMG member firm in Luxembourg

Read also a June 2020 report [PDF 72 KB] prepared by the KPMG member firm in Luxembourg

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