Automatic exchange of information: are you complying with your reporting obligations?

Financial Services - connected?

  • Share

The first phase of exchange of information between tax authorities of CRS8- participating jurisdictions has started. Please read about reporting obligations and potential sanctions for financial institutions (FIs) in case of non-compliance.

By 30 June 2017, Luxembourg reporting financial institutions (LRFIs) were required to have reported financial accounts to the Luxembourg Tax Authority (LTA) for the first time under the rules on the automatic exchange of financial account information in the field of taxation, applicable since 1 January 2016 between Luxembourg and all other European Union (EU) Member States, as well as certain other CRS participating jurisdictions. Hefty fines may be levied in case of non-compliance..


Download the publication to read the full article.