New FATCA XSD schema version released


New FATCA XSD schema version released

Operational Tax News

4 January 2017

On 29 December 2016, the Luxembourg Tax Authorities published a new version (2.0) of the XSD schema, following the change of the XSD schema made by the IRS.

The new schema, published on the tax authorities’ website (under section 10), will be applicable as of 7 January 2017.

In this context, the files supported under the old version (1.2 [Beta]) will still be accepted until 6 January 2017. The old application will no longer be available after 14:00 on that date. It is expected that the new version of the application will be up and running on 23 January 2017. From that date onwards, only version 2.0 files will be accepted.

The Luxembourg Tax Authorities have also announced that a new version of the Circular ECHA n°3 will be released soon.

Action required

Luxembourg financial institutions that qualify as Reporting FIs under FATCA should update their FATCA reporting tools (if FATCA reporting is handled internally) or ensure that their service providers update theirs (if FATCA reporting is outsourced).

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

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