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


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