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

 

 

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