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
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