CRS and QI updates

Grand Ducal Decree on Reportable Jurisdictions published

On 5 March 2018, the Luxembourg Tax Authorities published the Grand Ducal Decree (the “Decree”) dated 1 March 2018, setting the list of Reportable Jurisdictions for the purpose of the CRS reporting in Luxembourg for the year 2017.

In this Decree, the following countries have been added to the list of Reportable Jurisdictions:

New QI/WP/WT FAQs

On 26 February 2018, the IRS provided new FAQs for Qualified Intermediaries seeking to reduce their compliance burden by utilizing a consolidated compliance program. The new FAQs can be found in the Certifications and Periodic Reviews subsection (Q4, Q5, Q6, Q7, and Q8) on the FATCA - FAQs General page

For more details, please find enclosed the tax alert prepared by our US colleagues detailing these new FAQs.

If you have any questions regarding the above, please do not hesitate to contact us.