Luxembourg newsflash: Luxembourg concludes intergovernmental agreement with the US on FATCA
On 28 March 2014, the governments of Luxembourg and the US signed an intergovernmental agreement (IGA) on the implementation of the Foreign Account Tax Compliance Act (FATCA) in Luxembourg.
FATCA requires non-US foreign financial institutions (FFIs) to register with the Internal Revenue Service (IRS) and report details of ‘financial accounts’ held by ‘specified US persons’ and certain non-US entities in which a specified US person has a controlling interest (‘US reportable account’) unless the FFI falls within an exempt or ‘deemed-compliant’ category.
The IGA aims at facilitating the exchange of information on specified US persons, as defined by FATCA, by Luxembourg to the US, while at the same time easing the compliance obligations for, among others, Luxembourg financial institutions by specifying local exemptions and deemed-compliant classifications with no reporting duties…
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