Luxembourg: New instructions for TIN field for FATCA reporting purposes
The intention is to implement the provisions introduced by the IRS.
FATCA reporting purposes
The Luxembourg tax authority issued a newsletter about the tax identification number (TIN) field for FATCA reporting purposes.
The intention is to implement the provisions introduced by the IRS through the ICMM FAQs Q1, Q1a, Q1b and Q3 of the section “Populating the TIN Field.”
In particular, Q3 from those FAQs introduces the possibility to populate the TIN field of a passive non-financial entity with a foreign TIN (i.e., a non-U.S. TIN) or, in the absence of foreign TIN, with the code “NA.”
These updates are not yet effective. The exact date will be communicated in a forthcoming newsletter, but tax professionals believe they are likely to be implemented during April 2022, i.e., prior the reporting deadline for reporting year 2021 (30 June 2022).
Read a March 2022 report prepared by the KPMG member firm in Luxembourg
Read also a March 2022 report [PDF 118] prepared by the KPMG member firm in Luxembourg
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.