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The law approving the Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement (IGA) between the United States and the Grand Duchy of Luxembourg has been adopted unanimously in the Chamber of Deputies.
The adoption is considered a ‘formality’ following the government's May 2013 decision to require Luxembourg’s financial institutions to automatically exchange the relevant accounts and assets data of American customers with the US Treasury. The IGA was signed in March 2014 and the law deposited in Parliament in March of this year. 30 June 2015 was the initial reporting deadline for information relating to 2014, however Luxembourg tax authorities have extended the deadline to 31 July 2015. Financial institutions that do not comply with FATCA are subject to tax penalties up to EUR 250,000. Late or incomplete transmission of information to the Luxembourg tax authorities may incur a maximum tax penalty of 0.5% of the amounts due to be transmitted (floored at EUR 1,500). Find out how TMF Group Luxembourg can help in the preparation and transmission of FATCA reports. Receive more news like this straight to your inbox by signing up to our eAlerts.
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