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Learn moreLuxembourg: Tax authorities begin FATCA and CRS audits
Audits involve thorough reviews of policies, controls, procedures, and IT systems
The Luxembourg tax authorities (ACD) have begun on-site audits for compliance with the FATCA and common reporting standard (CRS) due diligence and reporting obligations.
Before the audit, the ACD requires numerous documents and information within a strict deadline. These audits involve thorough reviews of policies, controls, procedures, and IT systems related to reporting and due diligence.
Taxpayers will need:
- Entity-level processes and procedures, including a "register of actions" (introduced by the updated FATCA/CRS law of June 2020)
- Strong IT systems for reporting and due diligence
- Consistent self-certification forms
- Sufficient internal or external control processes to identify and mitigate non-compliance risks
Read a March 2024 report prepared by the KPMG member firm in Luxembourg\
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