On July 21, 2014, the OECD released the Standard for Automatic Exchange of Financial Account Information in Tax Matters, including the Commentary on the Common Reporting Standard (CRS). The CRS seeks to establish the automatic exchange of tax information as the new global standard, which involves the systematic and periodic transmission of extensive taxpayer information from the country in which the financial accounts are located to the taxpayer’s country of residence.
Similar to the provisions of the Foreign Account Tax Compliance Act (FATCA) and the various intergovernmental agreements (IGAs) between the US government and partner governments around the world, CRS imposes obligations on financial institutions (FIs) across the financial services market to review and collect information in an effort to identify an account holder’s country of residence and then in turn, to provide certain specified account information to the home country’s tax administration.
Luxembourg has concluded a Model I IGA with the United States on 28 March 2014. The IGA was ratified by the law of 24 July 2015.
On 24 December 2015, the Luxembourg CRS law of 18 December 2015 was published, enacting the CRS into Luxembourg law (the “CRS law”). CRS entered into force in Luxembourg as from 1 January 2016.
Luxembourg FIs, such as investment funds and management companies have consequently to proceed to the on-boarding of their new clients/investors since January 1, 2016 based on new CRS compliant procedures (that should already be FATCA compliant).
This advanced training from PwC Academy is dedicated for the employees of investment funds, management companies, transfer agents and custodian banks and provides detailed information on how to comply with FATCA and CRS, as implemented in Luxembourg, in terms of on-boarding, due diligence and reporting obligations, with a specific focus on investment fund related aspects.
Price: 540.00 €
Language: Available in English and French
Number of participants: 20
By the end of this training, the participants will be able to:
Our training will include practical examples on operational challenges faced by investment funds and its service providers. This advanced workshop is aimed for employees of investment funds, management companies, transfer agents and custodian banks having already gained solid experience in both FATCA and CRS.
This training is coordinated by Pierre Kirsch, Tax Partner in charge of CRS/FATCA related tax consulting, PwC Luxembourg. The team of trainers consists of experienced PwC specialists who are specialized in CRS/FATCA related issues.
As the Team is intensively dealing with CRS, FATCA as well as QI from the very first beginning, we have gained far reaching technical as well as practical expertise in this respect. He is the responsible Partner at PwC Luxembourg for CRS, FATCA and QI and heavily involved in projects assisting financial services clients to understand and implement CRS. PwC is an active member of FATCA/CRS working groups of Luxembourg professional organizations. Furthermore, PwC supports similar initiatives of EFAMA (“European Fund and Asset Management Association”) with respect to CRS and FATCA.
PwC's Academy, Crystal Park Building, PwC Luxembourg
Tel: +352 49 48 48 4040