New FATCA and CRS obligations

From 1 January 2021, Luxembourg reporting financial institutions will be subject to new filing and compliance obligations, increased penalties in case of non-compliance, and probably to more regular FATCA and CRS audits. The Luxembourg tax authorities published a recent newsletter on 10 July 2020 clarifying these new CRS and FATCA obligations and sanctions introduced by the Law of 18 June 2020. 

Read our article in order to be prepared to comply with the new CRS and FATCA obligations imposed on Luxembourg reporting financial institutions.