FATCA in Luxembourg
Publication of an updated administrative circular: ECHA
n°3
On 18 February 2016, the Luxembourg tax authorities published a
revised version of the administrative circular ECHA n°3
initially published on 31 July 2015.
The circular ECHA n§3 / n°3bis clarifies the file
format applicable in Luxembourg for the purposes of FATCA
reporting.
The new circular ECHA n°3bis provides, in particular,
that:
- Account balances or values need to be strictly above 0. This is
an issue for negative balances that, according to circular ECHA
n°2, should be reported as 0. Separately, there is a course of
action to take for accounts that have a 0 or nil value at year-end
but on which there were some movements during the applicable
period. Do not hesitate to contact us if you are in this situation
to discuss how to proceed.
