The Grand Ducal Decree of 23 December 2016 - Amendment of CRS Participating Jurisdictions list
Operational Tax News
30 December 2016
On 23 December 2016, the Luxembourg government has issued an updated version of the Grand Ducal Decree, published on 27 December 2016. The recent update has added the following five additional signatories of the OECD Multilateral Competent Authority Agreement (MCAA) to the Participating Jurisdictions list: Brazil, Kuwait, Nauru, Saudi Arabia and, Uruguay.
The list will continue to be further updated in the future as other countries are expected to sign the MCAA.
The list of Reportable Jurisdictions should still be published through a new Grand Ducal Decree. However, according to the OECD’s “Activated Exchange Relationships for CRS Information” online tool, Luxembourg would currently consider 50 jurisdictions as Reportable Jurisdictions for CRS purposes. We note, however, that this list contains jurisdictions that are reportable from calendar year 2016, as well as from calendar year 2017 (e.g., Switzerland).
The Grand Ducal Decree to be issued by the Luxembourg government should provide legal certainty in this respect. The Grand Ducal Decree’s issuance is expected in early 2017. It should also be noted that, according to the Luxembourg tax authorities, a temporary list of jurisdictions that shall be treated as Reportable Jurisdictions for the year 2017 may be released on the tax authorities’ website.