In a nutshell

The Foreign Account Tax Compliance Act (FATCA) aims to prevent offshore tax evasion by collecting information on US persons with offshore accounts or investments. Similarly, and to reinforce tax transparency, participating countries share financial account holders’ information annually using the OECD’s Common Reporting Standard (CRS). 

FATCA and CRS are known as Automatic Exchange of Information (AEoI) regimes. In Luxembourg, financial institutions must submit their reports by 30 June each year.

The current situation

The ever-growing AEoI reporting burden makes it no longer feasible for financial institutions to prepare reports manually. The number of reportable jurisdictions is steadily climbing, along with tax authorities’ expectations of improved data quality.

Cross-jurisdiction challenges, such as the increasing complexity of data privacy and protection requirements, pose an additional hurdle. Finally, submission methods can also differ, with some jurisdictions requiring organizations to register or notify before filing, or even specific technology to transmit the files.

How can we help?

At KPMG Luxembourg, we’ve leveraged our in-depth know-how of processing FATCA and CRS reports, technical tax expertise, and involvement in US Qualified Intermediary (QI) audits and reporting.

The result is our innovative reporting solution that allows you to process your CRS and FATCA reports quickly and efficiently.

We offer different options based on your needs:

• Managed service: our team takes care of the entire process from production to submission in Luxembourg and any other jurisdiction using reporting capabilities developed by the KPMG global network.
• Licensing: we can also provide access to the reporting solution through a web-based application hosted by KPMG or by you.  

Whatever solution you use, we guarantee your data will only be hosted and processed in Luxembourg.

Interested? Get in touch.