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15-07-2020

Luxembourg | Extension of deadlines for reporting obligations regarding FATCA, CRS and DAC6

The sanitary crisis originated by the COVID-19 has had a significant effect on the operation of businesses and tax administrations, including their ability to fulfill / manage tax reporting obligations.

In response to this exceptional situation, the Council Directive (EU) 2020/876 of 24 June 2020 provides Member States the possibility to grant extensions to current deadlines applicable to certain tax reporting obligations and the respective exchange of tax information.

The Luxembourg government is in the process of implementing the Directive above into Luxembourg law through the Bill of law No. 7625, which extends deadlines currently applicable under the Luxembourg – USA FATCA Agreement (FATCA), the Common Reporting Standard (CRS) and the amended Directive on Administrative Cooperation on Tax Matters commonly referred to as DAC6.

It is noted that this bill of law only extent applicable deadlines and does not affect the scope of the information to be reported under FATCA, CRS or DAC6.

We also note that, once passed, the provisions of this bill of law will enter into force retroactively on 30 June 2020.

BUREN’s specialists prepared practical tables that summarize the provisions of the bill of law.

Download the table

 

Key contacts

David Córdova

Partner | Tax lawyer
Send me an e-mail
+352 2644 0919 22

Cees-Frans Greeven

Partner | Lawyer and Tax Lawyer
Send me an e-mail
+352 2644 0919 21

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