DAC 6 Law Introducing Mandatory Disclosure Rules In Luxembourg Passed

On Saturday 21 March 2020, the Luxembourg Parliament passed a law implementing Council Directive (EU) 2018/822 of 25 May 2018 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements.

The measures are essentially identical to the draft provisions as proposed by the Luxembourg government and include the amendments proposed by the Finance and Budget Commission of the Parliament, which follow the opinion of the State Council. In particular, the intermediaries that will be subject to legal professional privilege (i.e. for which any reporting obligations to the Luxembourg authorities will be waived) broadly include lawyers¹ as initially provided, but also chartered accounts² and auditors³. Intermediaries that are subject to legal professional privilege will be subject to a notification obligation to any intermediary not subject to legal professional privilege or, where