On 9 June 2020, the Luxembourg Parliament approved bill of law n°7527 (the “Bill”) amending both the CRS law of 18 December 2015 and the FATCA law of 24 July 2015.
The final measures in the Bill are identical to the draft provisions proposed by the Luxembourg government.
As a reminder, the objective of the Bill is to bring Luxembourg law in line with the latest review by the Global Forum on Transparency and Exchange of Information for Tax Purposes (tasked with monitoring and evaluating the implementation of the CRS). The Bill has already helped inform the reporting and due diligence obligations of Reporting Financial Institutions in Luxembourg and the prerogatives of the Luxembourg tax authorities with a view to increasing legal certainty, and will ultimately align FATCA and CRS rules to form a cohesive approach.
The main provisions of the Bill will be applicable as from 1 January 2021.
How can we help you?
The Tax Law partners and your usual contacts at Arendt are at your disposal to further assist you on the impact assessment of these new obligations. Our dedicated FATCA/CRS reporting team at Arendt Regulatory & Consulting is also available to help you in the preparation of your forthcoming CRS reporting obligations and the definition of your FATCA/CRS policies, procedures and supporting IT solutions.