Updated grand-ducal regulation is published: list of Reportable Jurisdictions for the year 2017 and 2018 under CRS

21/05/19

In brief

On 17 May 2019, a grand-ducal regulation was published in the Luxembourg gazette to update the list of jurisdictions considered to be Reportable Jurisdictions (in French: "Juridictions soumises à declaration") for the years 2017 and 2018 for the purpose of the Common Reporting Standard (CRS) in Luxembourg.

In detail

A grand-ducal regulation relating to the CRS was published in the Luxembourg gazette on 17 May 2019. The new regulation, dated 16 May 2019, amends the previous grand-ducal regulation dated 15 March 2016 (as amended 1 March 2018). It sets a consolidated list of jurisdictions considered to be Reportable Jurisdictions under the CRS for calendar years 2017 and 2018.

Three countries, i.e. Brunei Darussalam, Dominica and Trinidad and Tobago, have been deleted from the updated list of Reportable Jurisdictions for the year 2017 and Nigeria has been added to the list of Reportable Jurisdictions for 2018 reporting purposes. The amendment to the list for the year 2017 should not apply retroactively, so there should be no need to correct the 2017 reports (unless a correction would be required for other reasons).

In addition, the updated grand-ducal regulation amends the list of Participating Jurisdictions by adding 17 countries or territories (i.e. Azerbaijan, Bahamas, Bahrain, United Arab Emirates, Ecuador, Hong Kong, Kazakhstan, Lebanon, Liberia, Macau, Nigeria, Pakistan, Panama, Qatar, Singapore, Turkey and Vanuatu). All these 17 jurisdictions have signed the Multilateral Competent Authority Agreement (MCAA). Entities tax resident in those countries or territories, which qualify as Investment Entities managed by other Financial Institutions and which were previously re-classified as Passive Non-Financial Entities (NFEs), will need to be re-classified again as Financial Institutions (FIs).

What’s next?

The updated list of reportable jurisdictions allows Financial Institutions to determine the Account Holders that should be included in the 2018 CRS report.

Under the provisions of Luxembourg legislation, the deadline to report information related to accounts maintained in 2018 has been set to 30 June 2019.

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