Luxembourg: Updated zero-reporting guidance, FATCA and CRS
Luxembourg: Updated zero-reporting guidance, FATCA, CRS
The Luxembourg tax authority issued a newsletter regarding the “zero-value message” (zero-reporting) related to the FATCA and common reporting standard (CRS) regimes.
Luxembourg reporting financial institutions are required to provide zero-reporting when there are no reportable accounts and, for FATCA purposes, no U.S. reportable accounts. The Luxembourg tax authority plans by May 2021 to implement a new online process to allow Luxembourg reporting financial institutions, or their depositary, to submit a zero-reporting message declaration for FATCA and/or CRS through an input form. In addition, transmission via existing companies (transmitters) would still be possible, either through the input form or an XML file.
Read a January 2021 report [PDF 74 KB] prepared by the KPMG member firm in Luxembourg
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. 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 endeavor 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. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.