Luxembourg: “Zero-value message” filings under FATCA and CRS regimes
Reporting financial institutions will be able to submit “zero-value messages” related to the FATCA and CRS regimes
“Zero-value messages” for the 2020 reporting year through a new input form
The Luxembourg tax authority in an April 2021 newsletter announced that reporting financial institutions will be able to submit “zero-value messages” (“nil” reporting) related to the FATCA and common reporting standard (CRS) regimes for the 2020 reporting year through a new input form, beginning 3 May 2021.
Transmission via existing companies is still possible through an XML file and is a mandatory technical requirement for reporting financial institutions that have reportable accounts for FATCA and/or CRS.
As previously announced, it is now mandatory to submit a zero-value message when:
- For FATCA purposes, there are no U.S. reportable accounts
- For CRS purposes, there are no reportable accounts
Read an April 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.