The laws of 24 July 2015 and 18 December 2015 on FATCA and CRS (“AEoI”) respectively and their subsequent amendments have introduced stringent obligations for the Reporting Financial Institutions in Luxembourg and abroad.
Non compliance with these obligations could result in maximum penalty of EUR 250,000 applicable for each regime and, in case of absence, late, incomplete or erroneous reporting, the Luxembourg tax authorities can add a penalty amounting to 0.5% of the amounts that should have been reported (with a minimum of EUR 1,500).
FATCA and CRS regulatory requirements compel Reporting Financial Institutions (such as banks, insurance, investment funds and private equity vehicles) in Luxembourg and in many jurisdictions abroad to notably:
As the implementation of a reporting system within your company could be time consuming and expensive, especially with regards to the complexity of the technical aspects defining the format of the FATCA and CRS reports, we can assist you during the entire reporting process and provide you with a tailor-made assistance based on your needs and operational constraints.
How it works
This Automatic Exchange of Information (AEoI) reporting tool is a collaborative, web-based application that helps you to report the right information quickly, securely and in accordance with the guidelines issued by the tax authorities in Luxembourg or in several foreign jurisdictions (e.g. BVI, Cayman, Jersey, Guernsey, France, UK, Emirates, New Zealand…).
The tool allows you to achieve the highest levels of efficiency, reduce the reporting operational burden and keep a track of the supporting documentation of the preparatory work, the XML reports filed (with a pdf version) and the validation feedbacks from the relevant tax authorities.
Our aim is to provide comfort to our clients on the quality of the data and to respond to their operational challenges in a pragmatic way considering the market insights. The reports are prepared by FATCA and CRS experts who are able to answer technical questions.
Our price offer is considered on a case-by-case basis, depending on the scope of assistance and volume of reports to be filed for our clients.
Managing Director, Tax Information Reporting, PwC Luxembourg