Luxembourg tax authorities have announced a new deadline of 31 August 2015 for financial institutions to report on the relevant accounts and assets data of American customers under the Foreign Account Tax Compliance Act (FATCA).
Earlier this month, the law approving the FATCA Intergovernmental Agreement (IGA) between the US and the Grand Duchy was adopted unanimously in the Chamber of Deputies.
Reporting Luxembourg financial institutions (including those that have not identified any US reportable accounts) can now provide the data for the 2014 financial year by 31 August 2015 at the latest.
As reported previously, 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.
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