Automatic exchange of information
Common Reporting Standard (CRS)
On 14 October 2014, the European Council agreed on a draft Directive extending the scope of the Automatic Exchange of Information (AEoI) for tax purposes among EU Member States.
This Directive includes Automatic Exchange of Information obligations based on the OECD Common Reporting Standard (CRS), which is another milestone towards more transparency and a global approach to disclosure the income earned by individuals and organizations.
More than 80 jurisdictions will participate in this OECD initiative, out of which more than 50 jurisdictions already announced their (intended) starting dates for CRS reporting. Luxembourg will apply CRS reporting as of 2017 (reporting on calendar year 2016).
However, in order to timely transpose these new reporting obligations, Luxembourg banks, funds, as well as certain insurance companies, non-supervised investment entities and corporate service providers need to act today!
Common Reporting Standard (CRS) Timeline